Helmo Preuss
Guest Author
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/ 24 August 2004

Dollar weakness led to rand strength

The continued and broad-based weakness of the United States dollar in the international currency markets was one of the major factors that caused the rand to appreciate on a trade-weighted basis by 16% during 2003 and by 9% in the first seven months of 2004, said South African Reserve Bank Governor Tito Mboweni on Tuesday.

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/ 6 August 2004

SARB ups buying of dollars for reserves

The South African Reserve Bank has increased its "creaming off of excess dollars" from the open market to $469-million in July from only $254-million in June. The July 2004 trade-weighted rand average of R62,17 was the strongest since October 2000. This is 52,5% stronger than the December 2001 monthly average of R40,78.

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/ 6 August 2004

SA house prices have doubled since 2000

South African house prices increased by a record 26,3% year-on-year (y/y) in July 2004 from a revised record 26,1% y/y in June 2004 and a revised 25,7% y/y in May. This meant that house prices have doubled since June 2000, while consumer inflation has risen by less than 25% over the same period.

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/ 4 August 2004

Rand strength is ‘unsustainable’

The current strength of the South African rand is unsustainable, according to private wealth management company Citadel’s chief investment officer, Dave Mohr. "The four factors that have resulted in a more than 50% appreciation in the rand over the past two-and-a-half years have all reversed over the past three months," he said.

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/ 30 July 2004

JSE gains from futures buying

The JSE Securities Exchange (JSE) was firm in noon trade on Friday on the back of futures buying despite a stronger rand. At 12.11pm, the all-share index was up 0,59%. Both the resources and gold mining indices climbed 1,22%. The all share industrial index edged up 0,15%.

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/ 27 July 2004

Gauteng has most of SA’s working-age people

Although the economic powerhouse of Gauteng has only 1,4% of South Africa’s land area of 1,219-million square kilometres, it has 24% of the population aged between 25 and 59 years, Statistics South Africa said on Tuesday. It also announced that the life expectancy at birth in South Africa is forecast to be only 50,7 years next year.

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/ 19 July 2004

SARB signs $1bn syndicated loan

The South African Reserve Bank (SARB) signed documents relating to a three-year syndicated loan transaction with a group of 39 international financial institutions in Cape Town on Monday. The proceeds of this loan, which matures in 2007, will be used to repay a syndicated loan entered into three years ago.

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/ 15 July 2004

Bonds end weaker despite US data

South African bonds ended weaker on Thursday despite United States data that should have resulted in bonds rallying. The benchmark six-year R153 bond was at 9,710% from 9,650% at Wednesday’s close, 9,700% at Tuesday’s close, 9,580% at Monday’s close and a recent worst level of 10,29% on June 15.