Untimely Facelift

SOUTH AFRICA - Report 18 Nov 2013 by Iraj Abedian
Executive SummaryTrade data revisions and the South African Reserve Bank’s new asset allocation strategy are the latest facelift features of the South African economic landscape. On close inspection, it seems the timing of these measures is reactive. Policymaking has shifted into firefighting gear.We expect the current account balance outcome will remain largely unaltered as the South African Reserve Bank has in the past used estimates of the omitted data in compiling the balance of payments. We also believe that diversifying reserves is not a magic potion. The South African Reserve Bank sh...

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