/ 17 May 2001

DE BEERS DEAL TO TRIM NOFP, SAYS MBOWENI

THE Anglo American-Oppenheimer family deal to delist South African diamond giant De Beers is a “wonderful opportunity for South Africa,” South African Reserve Bank (SARB) Governor Tito Mboweni said on Thursday. Speaking on independent radio station 702, Mboweni said that the SARB would buy as much of the $3.5bn inflows as possible and would use these to further reduce South Africa’s net open foreign currency position (NOFP). Mboweni said he was “keeping (his) fingers crossed” that the voting by shareholders on whether or not to approve the deal would “go well.” Shareholders vote on Friday. He said the deal showed that the Oppenheimer family and Anglo American were committed to South Africa.