While an environment in which the rand remains strong is always appropriate for something more creative, the National Treasury is unlikely to deviate from its consistent path of removing exchange controls gradually.
More Quotes from Colen Garrow:
It would appear that with revenue collection exceeding budget this fiscal year, additional tax relief may be forthcoming when Finance Minister Trevor Manuel unveils the national Budget for 20062007 on 15th February. Welfare and dependency grants, personal income tax relief, and cuts in those costs which would make housing more affordable for middle and low income earners are likely to buoy consumption expenditure, and manufacturing.Colen Garrow
In such instances, funds held offshore may potentially exceed the R750000 ceiling, which limits the amount of funds which may be taken offshore via the vehicle of private foreign currency accounts. The situation as it is, is thus inequitable and will have to be addressed by government at some stage.
Colen Garrow
It's a modest number but it could be better were it not for the rand. The sector is growing on strength of local demand and it does look as though global manufacturing is pulling itself out of a slump - but we are not out of the doldrums yet.
Colen Garrow
The SARB will probably do nothing with interest rates when it meets next week.
Colen Garrow
The monetary policy committee cautioned last month that it may not allow growth in credit to go unchecked, inferring that it may be concerned that consumption expenditure could introduce an element of inflation sufficient to attract a monetary tightening response.
Colen Garrow
Despite the odd shortcoming, this Budget is on balance good. It entrenches South Africa's good fiscal record.
Colen Garrow
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