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Cash shifting overseas at a rate not seen since the end of apartheid | Sable International

Apr 12, 2016
According to central bank data, South African investors are shifting cash overseas at the most-sustained pace since outflows triggered by the end of apartheid as political upheaval undermines confidence in the continent’s second-biggest economy.

"We noticed a very big change last year, when we began seeing outflow growing exponentially versus the inflows.

It really started to run in the third quarter, when talks of a downgrade and Nkandla became the big issue, and then the Nene debate was the final straw, and we saw a big surge in December"

- Andrew Rissik, Managing Director, Sable International Projects

Read the full article on the Cape Talk website

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Sable International is a trading name of 1st Contact Money Limited (company number 07070528), registered in England and Wales. We are authorised and regulated by the Financial Conduct Authority in the UK (FCA no. 517570), the Financial Services Conduct Authority in South Africa (1st Contact Money [PTY] Ltd - FSP no. 41900) and hold an Australian Financial Services Licence issued by ASIC to deal in foreign exchange (1st Contact Group - AFS Licence number 335 126).

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