The ZAR Exchange Rate Thread

[Garson007]

There is a lot more wastage in money spending that should be ruled out idiot and not only because of the rand woes. You and the rest of the ANC gang are the main reason for the exchange rate failures!

Manuel has an excellent macroeconomic track record.

 

[Seriously]

Manuel has an excellent macroeconomic track record.

I can see that. Look at the rand.

 

[Swa]

Foreign investment is overrated



... if you are isolated from the world.

And Zoomer.. there is no hope for our country. Having a Std 4 president doesn't make good business sense.

It's not his fault though. Apartheid and all that, burning down schools.

 

[thestaggy]

LOL, peeps worshiping foreigners who invest small change into the country while they ignore domestic investment. I don't think FDI has ever been more than 10% of our country's overrall fixed investment per year. Of cause the cumalitive stock of FDI is much higher but a foreigner who came into the country many years ago will be very stupid to now leave because of what Zuma has said, there's been much more nonsense in this country.

I really do wish you would do some research before uttering rubbish. Your posts are far too often void of any solid grounding.

April 23, 2013 - BP confirms it will invest R5 billion into South Africa, of which R2.5 billion will go into upgrading refinery infrastructure at the Sapref crude oil refinery, a joint project with Shell.

Global consumer Procter & Gamble recently announced it will plow R1.6 billion into South Africa as it constructs a manufacturing plant. Aside from the plant, this will create jobs as well.

Diversified technology and industrial group Johnson Controls International, plans to pump R380m into the East London Industrial Development Zone automotive supplier park as an expansion of its existing plant in the region.

FDI amounted to R37.6bn last year, marginally lower than the inflow of R43.6bn in 2011, official Reserve Bank data shows.

Ernst & Young’s recent 2012 Africa attractiveness survey said FDI to South Africa was forecast to average about $10bn a year over the next five years, with about 125,000 new jobs created as a result.

http://www.bdlive.co.za/business/2013/04/24/sa-still-gateway-into-africa-for-foreign-investors

We need FDI and like hell is it small change.

 

[TelkomUseless]

Foreign investment is overrated



... if you are isolated from the world.


It's not his fault though. Apartheid and all that, burning down schools.

Yea.. he shouldn't step down and let someone with business savy run the country. Nope.. easy money for Zooma

 

[saksakgp]

I really do wish you would do some research before uttering rubbish. Your posts are far too often void of any solid grounding.

April 23, 2013 - BP confirms it will invest R5 billion into South Africa, of which R2.5 billion will go into upgrading refinery infrastructure at the Sapref crude oil refinery, a joint project with Shell.

Global consumer Procter & Gamble recently announced it will plow R1.6 billion into South Africa as it constructs a manufacturing plant. Aside from the plant, this will create jobs as well.

Diversified technology and industrial group Johnson Controls International, plans to pump R380m into the East London Industrial Development Zone automotive supplier park as an expansion of its existing plant in the region.

FDI amounted to R37.6bn last year, marginally lower than the inflow of R43.6bn in 2011, official Reserve Bank data shows.

Ernst & Young’s recent 2012 Africa attractiveness survey said FDI to South Africa was forecast to average about $10bn a year over the next five years, with about 125,000 new jobs created as a result.

http://www.bdlive.co.za/business/2013/04/24/sa-still-gateway-into-africa-for-foreign-investors

We need FDI and like hell is it small change.

OK, so we must ignore the South African corprates, SMMEs and everyday entrepreneurs who collectively invest hundreds of billion annually in South Africa. The overrating becomes obvious to me when I get told about a R5 billion investment by BP but there's no mention of the R18.8 billion capex that Sasol spent in 2012. Why would a global company such as Sasol pump R18 billion into a failing country?

I'm not saying FDI is not needed. I just don't understand why it is held in such high regard when its contribution is and has always been minimal. It's like a charity that sings praises to a foreigners who donates R5 while it ignores the locals who donate R95.

 

[LazyLion]

 

[goofball]

It's the Rand Sell Rate currently quoted by FNB at 11h36 today for TTs under R50K - what most people here would get when using Rand to buy stuff in USD.

Edit: FNB at 11h36 today

Sorry, does that mean you get a better rate of you transfer more than R50k?
Any idea where I can see exactly what the rate would be on transfers over R100k?

 

[LazyLion]

Sorry, does that mean you get a better rate of you transfer more than R50k?
Any idea where I can see exactly what the rate would be on transfers over R100k?

Yes, you would definitely get a better rate if you were buying in bulk.
Contact your bank's Forex department.

They only deal with serious customers.

 

[goofball]

Yes, you would definitely get a better rate if you were buying in bulk.
Contact your bank's Forex department.

They only deal with serious customers.

Thank you for the tip.

Would the online calculator of let's say FNB not factor in the discount of larger amounts?

 

[LazyLion]

Thank you for the tip.

Would the only calculator of let's say FNB not factor in the discount of larger amounts?

In my experience bulk sale rates can often come in around the median rate, or just a few cents higher....

For example if the median rate is currently around R9.97 and the public selling rate is R10.20, then you might be able to get a bulk rate of around R10.05.

Here's another tip... Once you have made contact with your bank, try to find one person in the selling department to work with all the time.
Also, try to get quotes first from Merchant West (Bidvest) or other dealers first that you can quote to your bank so that they will try to beat the quote.

 

[CorneN]

And today another death at Lonmin...

 

[goofball]

In my experience bulk sale rates can often come in around the median rate, or just a few cents higher....

For example if the median rate is currently around R9.97 and the public selling rate is R10.20, then you might be able to get a bulk rate of around R10.05.

Here's another tip... Once you have made contact with your bank, try to find one person in the selling department to work with all the time.
Also, try to get quotes first from Merchant West (Bidvest) or other dealers first that you can quote to your bank so that they will try to beat the quote.

Great tips thank you!

So do I phone Bidvest and request a written quote? Do they then show on this quote what the median rate is AND the selling rate?

 

[LazyLion]

Great tips thank you!

So do I phone Bidvest and request a written quote? Do they then show on this quote what the median rate is AND the selling rate?

It's not that simple, they are going to want to first come out and do a whole spiel for you and sign you up as a client, etc.
As I said, this is like a secret club, they will want to get a blood sample first and check your family tree!

You can call them for a spot rate, but they really only give spot rates to their own customers.
Same with the bank.

 

[Electron1]

What is the advice for someone needing to get Forex for a trip in 5 weeks time?

 

[LazyLion]

What is the advice for someone needing to get Forex for a trip in 5 weeks time?

You can also go through your bank or through Rennies or even your travel agent.

But when it comes to picking the best time to buy... that would be 6 months ago.

Remember you can also use your credit card overseas (just let your bank know first).
Then they just give you the rate of the day, so keep track of the rates while you are travelling.

 

[goofball]

It's not that simple, they are going to want to first come out and do a whole spiel for you and sign you up as a client, etc.
As I said, this is like a secret club, they will want to get a blood sample first and check your family tree!

You can call them for a spot rate, but they really only give spot rates to their own customers.
Same with the bank.

Crap. I'll maybe give them a call and see what happens. Thanks for the info though!

 

[goofball]

You can also go through your bank or through Rennies or even your travel agent.

But when it comes to picking the best time to buy... that would be 6 months ago.

Remember you can also use your credit card overseas (just let your bank know first).
Then they just give you the rate of the day, so keep track of the rates while you are travelling.

Just walked over to FNB and the lady in their Forex told me they cant give me a quote or tell me how much more than the Median rate they will give me as they just punch it into the computer and that tells them what I am getting.
She basically said that it does not matter wether you transfer R150 or R150000 the rate you get will be the same.

 

[LazyLion]

Just walked over to FNB and the lady in their Forex told me they cant give me a quote or tell me how much more than the Median rate they will give me as they just punch it into the computer and that tells them what I am getting.
She basically said that it does not matter wether you transfer R150 or R150000 the rate you get will be the same.

OK, let me know what rate she gives you, and then I'll give you mine from my corporate broker.

 

[goofball]

OK, let me know what rate she gives you, and then I'll give you mine from my corporate broker.

She would not give me a rate as she has to punch it into her computer to give me the axact but she did point to a paper and said their daily rate today is R13.34.