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South Africa Goes for Gold, Taps Reserves to Curb Runaway Debt

South Africa Goes for Gold, Taps Reserves to Curb Runaway Debt
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South africaSouth africanLesetja kganyagoCyril ramaphosaEnoch godongwanaForeign exchange contingency reserveAfrican national congressFinance minister enoch godongwanaForeign exchange contingency reserve accountGovernor lesetja kganyagoPresident cyril ramaphosa

Rand surges, bond yields drop as Govt taps reserves to slash debt

The rand strengthened and local bond yields dropped as South Africa said it will tap the central bank’s contingency reserves.

South africaLesetja kganyagoColleen gokoForeign exchange contingency reserveNational treasuryForeign exchange contingency reserve accountBudget reviewCape townGovernor lesetja kganyago

Rand jumps as SA unveils plan to tap reserves for debt

The currency advanced as much as 0.5% to R18.81 per dollar by 2:10 p.m. in Johannesburg, after trading flat before the announcement was made.

South africaLesetja kganyagoForeign exchange contingency reserveNational treasuryForeign exchange contingency reserve accountBudget reviewCape townGovernor lesetja kganyago

South Africa to tap Gold, currency reserves to curb runaway debt

South Africa’s Finance Minister Enoch Godongwana tapped the country’s gold and foreign-exchange reserves to steady its eye-watering debt

South africaSouth africanEnoch godongwanaLesetja kganyagoNtando thukwanaCyril ramaphosaAfrican national congressForeign exchange contingency reserveFinance minister enoch godongwanaForeign exchange contingency reserve accountGovernor lesetja kganyagoPresident cyril ramaphosa

Finance Minister Godongwana s juggle to sidestep tax hikes in an election year — and balance the government books Budget 2024

Enoch Godongwana says the pursuit of socioeconomic justice and shared prosperity is ‘a journey, rather than a destination’. He is dipping into the Reserve Bank’s gold and forex contingency reserve account to push down government debt without taxes hikes and to keep social wage commitments in.

South africaSouth africanSouth africansLesetja kganyagoNelson mandelaCyril ramaphosaEnoch godongwanaNational health insuranceOrganization for economic cooperationDevelopment bankNational treasuryAfrican communist partyAccident fundForeign exchange contingency reserve accountNational prosecuting authorityCities public employment programme