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Rand drop pushes South African assets abroad at record pace | Sable International

Dec 08, 2015
South African investors are moving their money out of the country at the fastest pace ever. Portfolio investment abroad jumped to the biggest quarterly outflow on record, the South African Reserve Bank said on Tuesday in its third-quarter report. Investors more than doubled the amount sent overseas to 24.2 billion rand ($1.65 billion) in the period from 10 billion rand in the previous three months, the central bank said.

“For every rand investors placed with us, we sent 1.5 Rands out of South Africa. People are moving money emotionally and if this outflow continues, the Reserve Bank may reconsider the offshore allowance.”

- Andrew Rissik, Sable International's Managing Director of Forex and International Projects

Read the full article on Bloomberg Business.

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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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