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Politics : Dutch Central Bank Sale Announcement Imminent?
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To: philv who wrote (21202)6/15/2004 2:16:34 PM
From: sea_urchin  Read Replies (1) of 81085
 
Phil > What about the fiscal & monetary situation in S.A.? Is it so rosy that it trumps all those obvious negatives?

If one believes in the "old world" values of low debt and fiscal prudence, it is. Interest rates are also high, possibly the highest in the world, so that might account for some of the attraction in the currency.

But business is having a very hard time. Exports are right down. Mines are closing. Employment is very difficult to find, especially for older whiter men. Even the IMF, UN and World Bank told the SA government at a recent conference that its priorities should be growth rather than inflation, but the SA gov is adamant it knows what to do. I think it is very concerned about restoring confidence in the currency as a symbol of national prestige, but the country is paying a big price for that.
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