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Thread: Rand tanks as Public Protector opens Pandora’s box on currency laws

  1. #16

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    Well... it's probably an "oversight" by her (we should check the ZAR/USD volumes) to cause some fluctuation. Why does the PP even have an opinion on the ZAR and how it is regulated?
    DANGER

  2. #17
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    Why the hell would someone want to open Naledi Pandor's box?
    Gay for skyhawk

  3. #18

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    She also goes again on that old story of ABSA's bailout of Bankorp and that ABSA is liable...

    She will get slammed in court, which will be a good thing.

    ABSA's statement:
    Cape Town - Absa is under no obligation to pay anything to the SA government, the bank said on Monday.

    This was in reaction to Public Protector Busisiwe Mkhwebane's report that she deems a bailout of R1.125bn by the South African Reserve Bank (SARB) of Bankorp to have been unlawfully made and that Absa must pay it back.

    It relates to SARB’s assistance to Bankorp between 1985 and 1995. Absa acquired Bankorp in April 1992.

    "We have not yet received a copy of the report and we are urgently requesting the Public Protector’s office to send it to us. Once we have read it we will consider our legal options including seeking a high court review," Absa said in a statement.

    "Absa met all its obligations in respect of the loan provided by the SA Reserve Bank by October 1995. It is our firm position that there is no obligation to pay anything to the SA government."
    http://www.fin24.com/Companies/Finan...ilout-20170619
    Last edited by f2wohf; 19-06-2017 at 03:33 PM.

  4. #19
    SmoothOokerMaximus The_Librarian's Avatar
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    Prolly somebody wanting some quick cash...
    A Sunday Law is coming soon.

    Government notices will henceforth no longer be published in the Gazette, but in the Junk Mail.

  5. #20

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    I was eyeing the exchange rate and was hoping it stabilizes over the next few months as I will be moving to Ireland. I would obviously need favorable exchange rates going over there. Once I'm there, I really don't care what happens to the currency.
    Quote Originally Posted by Pitbull View Post
    Being a Bulls fan is not about winning or losing. It's like a religion....

  6. #21

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    I was expecting to see the rand well over R13, but its currently at 12.95
    Quote Originally Posted by Beerisgood View Post
    Godammit if I meet you I'll eat your eyes out for dinner.

  7. #22

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    http://www.fin24.com/Companies/Finan...-absa-20170301
    At that stage, the closure of Bankorp risked resulting in “epic” problems for the whole of South Africa, Stals said. Bankorp was the third largest bank in the country, with assets worth R32bn and over 90 000 clients.

    The bank had branches in Hong Kong, London and New York, said Stals. However, it had trouble with bad debt and non-conforming loans and could no longer comply with the minimum capital requirements of the Bank’s Act.

    He explained that the Reserve Bank had a commitment to assist a banking institution in that situation to maintain a “relatively stable” financial system. At the time South Africa was experiencing sanctions from the rest of the world and the withdrawal of capital.
    Stals added that the actions by the Reserve Bank ensured that South Africa has a strong banking system today.

    “It all worked out,” he said.
    Quote Originally Posted by Pitbull View Post
    Being a Bulls fan is not about winning or losing. It's like a religion....

  8. #23
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    Quote Originally Posted by MielieSpoor View Post
    I was eyeing the exchange rate and was hoping it stabilizes over the next few months as I will be moving to Ireland. I would obviously need favorable exchange rates going over there. Once I'm there, I really don't care what happens to the currency.
    Wishful thinking
    Besides with Brexit you are going to have to worry about the EURO as other SS Euro Unions hit icebergs and sink.
    Sent from a Querty device using TOR in the back of a black van

  9. #24

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    Quote Originally Posted by Hosehead View Post
    Wishful thinking
    Besides with Brexit you are going to have to worry about the EURO as other SS Euro Unions hit icebergs and sink.


    Can't help it.

    Since when UK or the pound were the pillar of the EU ?

  10. #25

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    Quote Originally Posted by Hosehead View Post
    Wishful thinking
    Besides with Brexit you are going to have to worry about the EURO as other SS Euro Unions hit icebergs and sink.
    Except the Euro has been strengthening and currently has very high support levels across the currency union. Especially now that populism and sound-bite politics is dead. There is only one union that's ****ed and that's the UK, and that's very clearly illustrated by their unstable parliament and collapsed currency.

  11. #26

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    Quote Originally Posted by saturnz View Post
    I was expecting to see the rand well over R13, but its currently at 12.95
    Rand has stoped falling since December when Zuma took firm stance on the banks who plotted against national interest (acting actively in money market to devaluate Rand). And of course the old debt of Absa will be demanded now. It creates confidence of investors who would like to enter this market. A new investors, as opposed to those who has captured state since the appartheid era. (Oppenheimers, etc...). Sucking out Gordhan didn't affect currency in the long term despite of numerous predictions.

  12. #27
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    Quote Originally Posted by MielieSpoor View Post
    I was eyeing the exchange rate and was hoping it stabilizes over the next few months as I will be moving to Ireland. I would obviously need favorable exchange rates going over there. Once I'm there, I really don't care what happens to the currency.
    Going on holiday to the states in two months. Hopefully the exchange rate won't have risen above R13/$ while I'm there.

  13. #28

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    Quote Originally Posted by Hosehead View Post
    Wishful thinking
    Besides with Brexit you are going to have to worry about the EURO as other SS Euro Unions hit icebergs and sink.
    I didn't say anything about going to the UK. If Germany (or even France) was to leave the EEA, then it would've been a different story, but I think you are confusing some unrelated things here.
    Quote Originally Posted by Pitbull View Post
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  14. #29
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    Maybe she needs to look at the pile of complaints and cases she still needs to start on like the four probes on Guptas, state capture and just a few other ones that is actually happening right now and needs the PP attention but no lets meddle in where it is not even our domain.
    - If life gives you melons ..... then your dyslexic
    - Life is like a food fight, you never know what will hit you next.

  15. #30

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    Quote Originally Posted by sajunky View Post
    Rand has stoped falling since December when Zuma took firm stance on the banks who plotted against national interest (acting actively in money market to devaluate Rand).
    my comment was just a reaction to the sensationalist headline
    Quote Originally Posted by Beerisgood View Post
    Godammit if I meet you I'll eat your eyes out for dinner.

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