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Tuesday, 2nd March 2021
10:48:27pm

Economy

Articles related to economy

Ramaphosa and Mboweni push for new state bank in South Africa

President Cyril Ramaphosa has expressed his support for a state bank, indicating that a number of other developing countries have these institutions in place.

Speaking to journalists as part of a SA National Editors Forum meeting on Friday (26 February), Ramaphosa said that the country’s banking sector is controlled by just a few banks and South…

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South African rand slips as investors await annual budget

South Africa’s rand weakened in early trade on Wednesday before the government’s annual budget presentation later in the day.

At 0700 GMT, the rand was trading 0.3% weaker at 14.5850 pr dollar. It had ended at 14.5750 against the dollar on Tuesday, stronger than its previous close.

Finance Minister Tito Mboweni is expected to present the budget at…

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Kenya and China reach agreement on debt deferral

China and Kenya have agreed to a six-month debt repayment holiday worth $245m. 

Treasury Secretary Ukur Yatani announced the deal during a radio interview on 20 January when he said the deferral “will give us an opportunity and break on the kind of liquidity that we desire.”

Although Yatani did not provide details, he gave the broad outlines of…

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Kenya plans to increase FY 2020/21 budget spending by 4.1% - document

Kenya plans to spend nearly 121 billion Kenyan shillings ($1.11 billion) more on its budget for the 2020/21 (July-June) financial year, a Treasury document seen by Reuters on Wednesday showed, a 4.1% jump from the original plan presented in June.

The supplementary budget estimates presented to parliament said that the fiscal year 2020/2021 budget…

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South Africa is losing thousands of millionaires

The latest research from New World Wealth and AfrAsia Bank shows that South Africa has lost 3,400 dollar millionaires over the last year, with the country now home to only 35,000 high net worth individuals (HNWIs).

HNWIs are defined as dollar millionaires or people with a net worth of $1 million (R14.6 million) or more.

In December 2019, New World…

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