WEDNESDAY, 10.30AM
SOUTH Africa’s reserves have been left largely untouched by the July 1 easing of restrictions on foreign exchange, according to Finance Minister Trevor Manuel, and instead there had been a turn for the better in business confidence.
Speaking at Tuesday night’s launch of the local operation of Malaysia’s TA Bank, Manuel said SA’s reserves position showed that government is being seen to be meeting its macroeconomic commitments.
Financial services have attracted the greatest number of foreign investors to SA since 1994, and TA Bank’s investment brings to 11 the number of foreign banks with SA operations, while another seven offshore banks have local branches and 58 have representative offices.