Rand’s Hot Streak Continues Into May – 9th May 2024
During the first week of May, South Africa’s currency performance has been even more impressive, leaving all the world’s key currencies in its wake.
Full Recovery For Hotel Accommodation Income
South Africa’s tourism industry has managed to claw its way back to almost the same levels of activity as before the Covid pandemic, in line with global trends.
The Case For A Lower Repo Rate Strengthens
Trends for three key indicators were published this week that collectively strengthen the case for a lowering of the Reserve Bank’s repo rate, which will automatically impact the prime overdraft rate of the commercial banks.
Property market showing signs of recovery
Following a period of subdued activity, especially for the value of new home loans granted, South Africa’s property market may be on the verge of a new sustained growth phase.
Gold Price In Record-Breaking Mood
March witnessed a relentless rise in the gold price, with the precious metal breaking new records on a regular basis to reach an all-time high of $2,280 per fine ounce on 2 April, before pulling back slightly. The 90-day futures market price quoted on 3 April by Investing.com was even higher, briefly touching a level of $2,300 per fine ounce.
Inflation Remains Stubborn, But Below 6%
February’s reading for the consumer price index (CPI) was disappointing, with the pace of retreat since mid-2023 having been halted.
Emerging Market Currencies Bounce Back
The speculation over whether South Africa will avoid a recession has finally been put to rest, with the GDP figures for the 4th quarter of 2023 confirming that economic growth remains in place, albeit at a snail’s pace.
GDP Edges Ahead In 4th Quarter of 2023
The speculation over whether South Africa will avoid a recession has finally been put to rest, with the GDP figures for the 4th quarter of 2023 confirming that economic growth remains in place, albeit at a snail’s pace.
Tourism Recovery Remains On Track
During January, sun-lovers from overseas continued to boost South Africa’s tourism industry, especially from countries in the Northern Hemisphere, where temperatures were still cold, and the days were still short.
Budget 2024/25 – Forex reserves to the rescue!
The 2024/25 national budget will mainly be remembered for its novel utilisation of a portion of South Africa’s gold and foreign exchange contingency reserve account (GFECRA), commonly known simply as the forex reserves.