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Foreigners are Pulling Money Out of South Africa, JSE Warns

SOUTH AFRICA
  • In a written submission to parliament on Treasury's new tax bills, the JSE said SA's macro environment has deteriorated over the past five years.
  • All three global rating agencies lowered their ratings of SA's sovereign credit standing in 2020 - resulting in SA either exiting key global indices or becoming severely diluted
  • JSE warns that limiting the re-use of collateral will lead to a significant decline in liquidity in the South African capital markets, the diminished attractiveness of South Africa as an investment destination and further capital outflows
  • Local economist notes that local offshore equity holdings have risen from R2tn to R3tn in 5 years
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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