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LazyLion
King of de Jungle
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what currency are you trying to buy?
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The ZAR Exchange Rate Thread
- Thread starter Robin Hood
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what currency are you trying to buy?
Euro sorry.
LazyLion
King of de Jungle
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OK, I can get R100,000.00 of Euros at R13.0444
WTF? Seriously? How do I get close to that then?
LazyLion
King of de Jungle
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- Mar 17, 2005
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This is through Nedbank Corporate. Which bank are you with?
FNB
Tried to phone my Premier Banker now so will see what they say when they phone back but it does not sound very promising tbh.
LazyLion
King of de Jungle
- Joined
- Mar 17, 2005
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- 105,603
FNB
Tried to phone my Premier Banker now so will see what they say when they phone back but it does not sound very promising tbh.
Do you have a business account with FNB?
Unfortunately not. Just personal accounts.
LazyLion
King of de Jungle
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- Mar 17, 2005
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Aaah, ja.. that's probably why they won't even consider it.
Phoned the Bidvest brach and even they gave me R15c less by just phoning.
They were very suspicious though.
I just want to transfer the money into my wife's foreign account.
LazyLion
King of de Jungle
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Ja, they have to get to know you before they let you into the old boys club.
Lovely. Going to gibe Cashkows a ring and see what they say.
Thanks for all the help though!
LazyLion
King of de Jungle
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Business Confidence Down: RMB
Business confidence dropped by four index points in the second quarter of this year, Rand Merchant Bank (RMB) and the Bureau for Economic Research at Stellenbosch University (BER) reported on Tuesday.
They said the RMB/BER Business Confidence Index decreased to 48.
"Although just a small drop, the result is nevertheless meaningful," RMB chief economist Ettienne Le Roux said.
"Not only is the index now back in net negative terrain -- where pessimism exceeds optimism -- but the decline in sentiment was also widespread."
Business confidence fell in four of five sectors in the second quarter.
In the manufacturing, retail, and wholesale sectors, sentiment deteriorated by eight, nine, and 10 index points respectively.
In the new motor vehicles trade it worsened by five.
However, confidence rose by 15 points in the building sector. If it was not for this, business confidence would have dropped by eight points.
Le Roux said that in the context of continued labour unrest, warnings of power outages, and a sharp fall in the value of the rand, a bigger than four index points drop could have been expected.
Infrastructure bottlenecks, skills shortages, and high and rising administered price inflation needed to be addressed. Persistent strong growth in unit labour costs was also needed, Le Roux said.
"Indeed, the performance of the economy can be described as one of weakness, mixed together with some pockets of resilience," he said.
"For South Africa to break loose from this low and unsatisfactory growth path, the global economy needs to recover more forcefully and the local constraints holding the economy back must be tackled with greater vigour."
Source : Sapa /gq/hdw/rod/jk
Date : 04 Jun 2013 12:26
Business confidence dropped by four index points in the second quarter of this year, Rand Merchant Bank (RMB) and the Bureau for Economic Research at Stellenbosch University (BER) reported on Tuesday.
They said the RMB/BER Business Confidence Index decreased to 48.
"Although just a small drop, the result is nevertheless meaningful," RMB chief economist Ettienne Le Roux said.
"Not only is the index now back in net negative terrain -- where pessimism exceeds optimism -- but the decline in sentiment was also widespread."
Business confidence fell in four of five sectors in the second quarter.
In the manufacturing, retail, and wholesale sectors, sentiment deteriorated by eight, nine, and 10 index points respectively.
In the new motor vehicles trade it worsened by five.
However, confidence rose by 15 points in the building sector. If it was not for this, business confidence would have dropped by eight points.
Le Roux said that in the context of continued labour unrest, warnings of power outages, and a sharp fall in the value of the rand, a bigger than four index points drop could have been expected.
Infrastructure bottlenecks, skills shortages, and high and rising administered price inflation needed to be addressed. Persistent strong growth in unit labour costs was also needed, Le Roux said.
"Indeed, the performance of the economy can be described as one of weakness, mixed together with some pockets of resilience," he said.
"For South Africa to break loose from this low and unsatisfactory growth path, the global economy needs to recover more forcefully and the local constraints holding the economy back must be tackled with greater vigour."
Source : Sapa /gq/hdw/rod/jk
Date : 04 Jun 2013 12:26
LazyLion
King of de Jungle
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- Mar 17, 2005
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- 105,603
Low Rates not the only answer: Marcus
Low interest rates are not the only solution for economic growth, SA Reserve Bank governor Gill Marcus said on Thursday.
"Despite what some would like us to believe, monetary policy is not the panacea for growth. Had low interest rates been all that was needed, the global economy would be in over-drive," Marcus told a conference hosted by the Bureau of Economic Research in Johannesburg.
"Monetary policy has prevented the global economy from going into a free-fall, but it is no substitute for structural reforms that are needed."
Marcus said South Africa faced problems which required co-ordinated and coherent policy responses, which were largely beyond the scope of monetary policy.
Since the advent of democracy, the South African economy had grown by an average of 3.5 percent a year. However, the recent dismal economic growth was an indicator of deep-rooted structural problems which manifested in high levels of unemployment and inequality.
"These in turn are caused by weak competitiveness, a poor skills profile and an educational system that is dysfunctional, low domestic savings... and spatial distortions."
Marcus said the country needed clear action to stabilise the labour relations environment. Government needed to be decisive, act coherently, and exhibit strong leadership from the top.
Since the 2008 financial crisis, the mandate for central banks had generally been broadened, Marcus said.
"While price stability remains the core objective of central banks, the persistence of the global crisis has raised expectations about what central banks can and should do... regarding economic growth and financial stability."
Marcus said the South African economy recovered relatively quickly from the recession and grew by 3.1 percent in 2010 and 3.5 percent in 2011.
It moderated to 2.5 percent in 2012 and lagged that of emerging markets. In the first quarter of 2013, South African gross domestic product (GDP) grew by just 0.9 percent.
Marcus said employment was still below pre-recession levels, and wildcat labour disputes and high wage demands in the mining sector negatively impacted South African exports.
"These developments and vulnerabilities have adversely affected both domestic and international business confidence and investor sentiment towards South Africa, and this has been reflected in the currency which has depreciated by about 12 percent... since the beginning of this year."
She said South Africa had to deal with its internal issues in order to be part of African growth.
"We've got so much going for us. Our region, Sub-Saharan Africa, is expected to grow at five percent plus for the next few years. South Africa is an integral part of that growth story and we need to sort out our internal issues in a manner that address our real problems," she said.
Source : Sapa /pd/hdw/jk/th
Date : 06 Jun 2013 13:04
Low interest rates are not the only solution for economic growth, SA Reserve Bank governor Gill Marcus said on Thursday.
"Despite what some would like us to believe, monetary policy is not the panacea for growth. Had low interest rates been all that was needed, the global economy would be in over-drive," Marcus told a conference hosted by the Bureau of Economic Research in Johannesburg.
"Monetary policy has prevented the global economy from going into a free-fall, but it is no substitute for structural reforms that are needed."
Marcus said South Africa faced problems which required co-ordinated and coherent policy responses, which were largely beyond the scope of monetary policy.
Since the advent of democracy, the South African economy had grown by an average of 3.5 percent a year. However, the recent dismal economic growth was an indicator of deep-rooted structural problems which manifested in high levels of unemployment and inequality.
"These in turn are caused by weak competitiveness, a poor skills profile and an educational system that is dysfunctional, low domestic savings... and spatial distortions."
Marcus said the country needed clear action to stabilise the labour relations environment. Government needed to be decisive, act coherently, and exhibit strong leadership from the top.
Since the 2008 financial crisis, the mandate for central banks had generally been broadened, Marcus said.
"While price stability remains the core objective of central banks, the persistence of the global crisis has raised expectations about what central banks can and should do... regarding economic growth and financial stability."
Marcus said the South African economy recovered relatively quickly from the recession and grew by 3.1 percent in 2010 and 3.5 percent in 2011.
It moderated to 2.5 percent in 2012 and lagged that of emerging markets. In the first quarter of 2013, South African gross domestic product (GDP) grew by just 0.9 percent.
Marcus said employment was still below pre-recession levels, and wildcat labour disputes and high wage demands in the mining sector negatively impacted South African exports.
"These developments and vulnerabilities have adversely affected both domestic and international business confidence and investor sentiment towards South Africa, and this has been reflected in the currency which has depreciated by about 12 percent... since the beginning of this year."
She said South Africa had to deal with its internal issues in order to be part of African growth.
"We've got so much going for us. Our region, Sub-Saharan Africa, is expected to grow at five percent plus for the next few years. South Africa is an integral part of that growth story and we need to sort out our internal issues in a manner that address our real problems," she said.
Source : Sapa /pd/hdw/jk/th
Date : 06 Jun 2013 13:04
LazyLion
King of de Jungle
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Rand rout spurs jitters
The steep fall of the rand deepened on Monday, with the South African currency losing 1.7 percent of its value against the dollar in early trading.
The dollar was trading at 10.18 rand, close to recent four-year lows of 10.28.
The currency of Africa's largest economy has lost nearly 20 percent of its value against the greenback in the last year, with the weakening speeding up dramatically since May.
Standard Bank currency analyst Bruce Donald blamed the rand's slide on "a cocktail of adverse global and domestic developments."
The strengthening of the US dollar has bit into emerging market currencies, the rand included.
But concerns about South Africa's mining sector, a fragile public budget and doubts over the future of a government plan to reinvigorate the economy have all taken their toll.
Sentiment was also weakened early on Monday by news that the European Union may block some South African exports amid allegations and counter-allegations of poor phytosanitary standards and protectionism.
Now concerns are growing that the weakening rand may push growth below two percent for the year, at a time when most African economies are posting stellar growth.
With South Africa heavily dependent on imports, any weakening of the currency risks fuelling already high inflation.
Influential newspaper Business Day on Monday declared the country was approaching a "tipping point."
"Foreign investors are starting to vote with their feet, as the bond market sell-off and sharp depreciation of the rand so clearly illustrate," the paper said in an editorial comment.
South Africa's central bank governor on Thursday called for strong government leadership to steer Africa's largest economy from a prolonged slump.
"Much more important than the precise elements of a strategy is for government to be decisive, act coherently and exhibit strong and focused leadership from the top," said South African Reserve Bank Governor Gill Marcus.
Source : Sapa-AFP /pk/hdw/jje
Date : 10 Jun 2013 12:20
The steep fall of the rand deepened on Monday, with the South African currency losing 1.7 percent of its value against the dollar in early trading.
The dollar was trading at 10.18 rand, close to recent four-year lows of 10.28.
The currency of Africa's largest economy has lost nearly 20 percent of its value against the greenback in the last year, with the weakening speeding up dramatically since May.
Standard Bank currency analyst Bruce Donald blamed the rand's slide on "a cocktail of adverse global and domestic developments."
The strengthening of the US dollar has bit into emerging market currencies, the rand included.
But concerns about South Africa's mining sector, a fragile public budget and doubts over the future of a government plan to reinvigorate the economy have all taken their toll.
Sentiment was also weakened early on Monday by news that the European Union may block some South African exports amid allegations and counter-allegations of poor phytosanitary standards and protectionism.
Now concerns are growing that the weakening rand may push growth below two percent for the year, at a time when most African economies are posting stellar growth.
With South Africa heavily dependent on imports, any weakening of the currency risks fuelling already high inflation.
Influential newspaper Business Day on Monday declared the country was approaching a "tipping point."
"Foreign investors are starting to vote with their feet, as the bond market sell-off and sharp depreciation of the rand so clearly illustrate," the paper said in an editorial comment.
South Africa's central bank governor on Thursday called for strong government leadership to steer Africa's largest economy from a prolonged slump.
"Much more important than the precise elements of a strategy is for government to be decisive, act coherently and exhibit strong and focused leadership from the top," said South African Reserve Bank Governor Gill Marcus.
Source : Sapa-AFP /pk/hdw/jje
Date : 10 Jun 2013 12:20
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