MONDAY, 12.30PM
The rash of Eurorand bond issues this year have proved a boon for the rand, keeping outlook for the local currency positive and helping to keep it stable, according to Reserve Bank international banking GM Bertus van Zyl.
Total outstanding Eurorand bond issues stand at about R19-billion, R13-billion of which were launched this year.
Van Zyl said at a Bank seminar that the Eurobond market had opened up a new range of European retail investors to SA, which had had a positive effect on the country’s foreign exchange reserves, as well as boosting demand for the currency.
The rand closed slightly firmer on Friday as exporter demand outweighed calls for the local currency from importers and offshore banks. The rand tested R4,46 to the dollar on Friday.