“This follows the conclusion on 14 June of a landmark agreement between SA’s main political parties to work together in a Government of National Unity – a courageous move that is in fact already being rewarded by the financial markets and saw the value of the Rand jump 0,5% in one day and gain 3% in a week, compared to an average 0,4% decline among other emerging currencies,” says Berry Everitt, CEO of the Chas Everitt International property group.
“In addition, we expect that there will be a large inflow of capital into SA in response to the announcement of the GNU, the resulting re-election of President Cyril Ramaphosa for a second term and the political and social stability that this spells for investors. This inflow will further strengthen the Rand, lower inflation and make it possible for the Reserve Bank to start cutting interest rates – maybe even sooner than expected.
“Consequently, we are extremely grateful to the leadership of those parties who have committed to the GNU for putting aside their individual agendas at this time and finding the common ground where they can work together according to fundamental principles emerging from our Constitution and the Bill of Rights, and a joint commitment to the Rule of Law, integrity, good governance and accountable leadership.
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