FRIDAY, 10.30AM
THE Reserve Bank has mopped up about R4,8-billion which entered the money market as a result of the sale of a stake in Telkom to a US/Malaysian consortium.
The Telkom sale brought about $1,2-billion into the country, prompting the Bank action to prevent a fall in interest rates. According to Reserve Bank governor Dr Chris Stals, the Bank sold R1-billion in government stock from its own protfolio and sold an additional R800-million of stock on government’s behalf to prop up the exchaquer’s cash balances. These sales were over and above government’s normal funding, which runs at about R2,6-billion a month. Stals added that the Bank also carried out R3-billion in asset swaps, with short maturities which will expire at month’s end, when the money market usually tightens.
BUSINESS BRIEFS
NUM REJECTS DE BEERS OFFER THE National Union of Mineworkers has rejected De Beers’ 9% wage offer. The union turned down the 9%, saying it did not come close to its settlement package deal tabled previously.
MBABANE MAY DROP SA GRID LINK THE Swazi government may drop plans for a fourth electrivity supply line from Eskom in SA and instead buy electricity from Mozambique. Swaziland Electricity Bpard GM Hans van Veelen said it will make better economic sense for Swaziland to join in developing the industrial power grid in Mozambique than to build yest another grid link to SA.
ZIM ACCESS TO SA PRODUCE MARKET AGREEMENT has been reached to restore access for a wide range of Zimbabwean agricultural produce to the SA market, Trade and Industry Minister Alec Erwin and his Zimbabwean counterpart Nathan Shamuyarira told the World Economic Forum in Harare on Thursday.