I am not a South African but from across the border, in Botswana to be specific, I am astonished at the disrespect and contempt institutions such as the RBSA treats South Africans. For the RBSA to say the president was not at fault because the transaction was not concluded smacks of being evasive. SA has exchange controls and from the reports we get from the media, money did come into SA in the form of US dollars. My question is was this money properly and legally brought into SA? In Botswana, cash of the magnitude mentioned cannot come in without passing through the banking system. And there is documentation that has to be completed to process the transfer of foreign currency into the country. Now that Sundanese claims that the money was brought in legally and even claimed to possess documentation to that effect. My view is that the Sundanese businessman was lying and the RBSA is also lying. In Botswana the exchange controls are, or I should say were, administered by the central bank and what Mr Kganyago said on tv sounded amateurish to say the least.
After telling us why you have the US military base in there ! Also show us your evidence that the Sudanese and Kganyago are lying? You say they are lying based on what evidence?
The President has set the standard, South Africans are "allowed" to keep as much cash (both domestic & foreign) @ home. Those old SARB laws are dead...
This independence of the reserve bank is a false debate. Something cant be indepedent when its operated for a few profit making interests and be said to be non independent when its owned by the public. There is no argument for the ownership of a reserve bank by a few individuals. Its too critical an institution especially in a country like South Africa with such a developmental crisis.
i'm not surprised at Raymonds attitude. It's clear whose interests he is representing. Whether there are technicalities in terms of the limits to shareholdership or institutional investors represented on the board is a side issue. What Raymond is not acknowledging is that the SARB is a conglomerate of companies which has a real direct effect or impact on the economic performance, affordability and aspirations. Look at the Diamond board , the FIC, Forex etc. and their impact on economoc acrivity. The bank through its decisions which are a result of the prescriptions lobbies like Raymond represent advocate for. Look at the economic effects decisions the US Fed makes on the global economy each time it adjust its rate of inflation whether up or down. The theoretical neoconservative interpretations of economic institutions at home has only served a small section of the South African population and it is not sustainable. In fact it is quite dangerous and therefore highly irresponsible. For research and compariability follow the former greek minister of finances Yanis Varoufakis talks on the ideology, and econometrics and Real economics then Raymond won't be sounding so arrogant.
This ha s to be the most important ad significant topic I have watched in this chaneel, by asking the most important question which is the role of the bank
It boggles the mind that the RBSA could have so much authority to influence the cost of money and the implications that has on the economy, at large, and yet it is privately owned. I believe government has some shareholding in the Bank, what percentage does government control and who are the other shareholders?
The SARB's mandate: firstly, is to serve its shareholders, and commercial banks through high interest rates on mortgage payments and loans. With their strict monetary policy (higher interest rates and reduced money supply) that is intended to keep inflation (prices) stable to induce consumers to spend more creating a debt trap for the middle class..
When the Rand was R7/$, Vavi used to say it must depreciate to R10/$ and SA will be competitive - - Today we're sitting above R19/$ - - None of it happened - - I LOST ALL REPECT IN VAVI!
The Phala Phala/Zama Zama cash must have exchanged hands. You stash money in cushions when your vaults & safes are full. There is so much more to this than what was found in the Presidential cushions.
But really, really, why is Vavi even on this program 🤔 were there no other more qualified people to take to the podium ? Even the two other panelists what qualifies them to speak about the reserve bank ? I think these questions must be posed exactly to the Reserve Bank itself yo tell us answers to all these questions.
What was not discussed and yet most consequential is what the money is used for. Most of money creation is for shifting ownership from one person/entity to another (e.g. buying a house instead of building a new one, buying a used car instead of manufacturing a new one, BEE transactions instead of investing in start-ups and growing existing businesses, etc.). Increasing interest rates when new money (debt) is used like this accelerates inflation and leads to transference of wealth to the wealthiest who either have cash or borrow at very low interest compared to ordinary people. Thus inflation targeting is the root cause of the inflation because of the way the money is used. If SARB must maintain inflation targeting, then there most be rules that commercial banks must loan minimum X% for wealth creation and maximum Y% for title transfers (changing ownership of existing assets), where X > Y.
Years ago vavi called for a depreciation of the rand. Driven by other factors that had now happened and the consequences are obvious. Runaway inflation will quickly kill off the little we have left.
The leader of SARB,must be removed and the must be change in that constitution to uplift especially black people,we need Young educated leadership to develop our land
So white guy says we must look around the world to see which countries are successful and we should do what they do!,i agree!!,we should do everything like China 🇨🇳
@@tsepom455 SARB governer was in parliament last week, accounting for the institution, there's no SARB policy that was dictated by the said shareholders
@@lefachris125 🤣🤣🤣 And what did he account to? The reserve bank just tells them what they going to do and there is nothing they can do about it. People that they answer to and do what they want are the private shareholders and commercial banks.
I am not a South African but from across the border, in Botswana to be specific, I am astonished at the disrespect and contempt institutions such as the RBSA treats South Africans. For the RBSA to say the president was not at fault because the transaction was not concluded smacks of being evasive. SA has exchange controls and from the reports we get from the media, money did come into SA in the form of US dollars. My question is was this money properly and legally brought into SA? In Botswana, cash of the magnitude mentioned cannot come in without passing through the banking system. And there is documentation that has to be completed to process the transfer of foreign currency into the country. Now that Sundanese claims that the money was brought in legally and even claimed to possess documentation to that effect. My view is that the Sundanese businessman was lying and the RBSA is also lying. In Botswana the exchange controls are, or I should say were, administered by the central bank and what Mr Kganyago said on tv sounded amateurish to say the least.
Now tell us why do u hve a us military base😂
After telling us why you have the US military base in there ! Also show us your evidence that the Sudanese and Kganyago are lying? You say they are lying based on what evidence?
Why evade the topic, that's so low of you, to bring up a US Military base which is irrelevant 😂😂.
Seriously these guys cannot argue with you because they know you are right,they just have to be defensive because they are weak
@@alterlesego7780😂😂😂
The President has set the standard, South Africans are "allowed" to keep as much cash (both domestic & foreign) @ home. Those old SARB laws are dead...
😂😂😂😂Yeah, that's what gangs do
People who are controlled by "food" and their stomachs will say and do anything for a meal.
This independence of the reserve bank is a false debate. Something cant be indepedent when its operated for a few profit making interests and be said to be non independent when its owned by the public. There is no argument for the ownership of a reserve bank by a few individuals. Its too critical an institution especially in a country like South Africa with such a developmental crisis.
And you can add corruption and incompetence to that
The Helen Suzman Foundation has been quiet on the Phala Phala reports. Talk about civil society in South Africa.
i'm not surprised at Raymonds attitude. It's clear whose interests he is representing.
Whether there are technicalities in terms of the limits to shareholdership or institutional investors represented on the board is a side issue. What Raymond is not acknowledging is that the SARB is a conglomerate of companies which has a real direct effect or impact on the economic performance, affordability and aspirations. Look at the Diamond board , the FIC, Forex etc. and their impact on economoc acrivity.
The bank through its decisions which are a result of the prescriptions lobbies like Raymond represent advocate for.
Look at the economic effects decisions the US Fed makes on the global economy each time it adjust its rate of inflation whether up or down.
The theoretical neoconservative interpretations of economic institutions at home has only served a small section of the South African population and it is not sustainable.
In fact it is quite dangerous and therefore highly irresponsible. For research and compariability follow the former greek minister of finances Yanis Varoufakis talks on the ideology, and econometrics and Real economics then Raymond won't be sounding so arrogant.
This ha s to be the most important ad significant topic I have watched in this chaneel, by asking the most important question which is the role of the bank
Vanguard, Blackrock and Gates!
It boggles the mind that the RBSA could have so much authority to influence the cost of money and the implications that has on the economy, at large, and yet it is privately owned. I believe government has some shareholding in the Bank, what percentage does government control and who are the other shareholders?
Foreigners are the major share holders in the SARB, our government does not have any say in the SARB.
It has been politicized n that's why we are grey listed.
Remove the corrupt ANC from power.
Solution. Get the land. Get the economy. Get prosperity..
Sounds exactly like what you have been told to say.
The SARB's mandate: firstly, is to serve its shareholders, and commercial banks through high interest rates on mortgage payments and loans. With their strict monetary policy (higher interest rates and reduced money supply) that is intended to keep inflation (prices) stable to induce consumers to spend more creating a debt trap for the middle class..
Correct...This White Domkop don't know what he is talking about !!!!
When the Rand was R7/$, Vavi used to say it must depreciate to R10/$ and SA will be competitive - - Today we're sitting above R19/$ - - None of it happened - - I LOST ALL REPECT IN VAVI!
The SARB account to its shareholders in Germany and elsewhere
The Phala Phala/Zama Zama cash must have exchanged hands. You stash money in cushions when your vaults & safes are full. There is so much more to this than what was found in the Presidential cushions.
They make money from interest rate hikes and the hostile economy not the the shares specifically
But really, really, why is Vavi even on this program 🤔 were there no other more qualified people to take to the podium ? Even the two other panelists what qualifies them to speak about the reserve bank ? I think these questions must be posed exactly to the Reserve Bank itself yo tell us answers to all these questions.
Vavi is always on point and the old white gentleman is the face and representative of white privilege.
Lololol....white "privilege" has gone with apartheid 30 years ago. When you point your finger, three fingers point back at YOU!
There we go again the white comes into this.
This racist comments live rent free in your brain.
The black privilege have destroyed this country.
What you talking? You just look at the white and don't hear what he says. Shame on you, you will remain ignorant.
Talk about shoddy gaslighting
Where is the update on this report????
Did Cyril pay tax on that sale of "buffalos"??
I wonder.
How did the Sudanese businessman get the money ❓
We need the land so that we can own....
The reserve bank is not balanced with the government report!?!?!
The ANC has an influence in the South African reserve bank.
What was not discussed and yet most consequential is what the money is used for. Most of money creation is for shifting ownership from one person/entity to another (e.g. buying a house instead of building a new one, buying a used car instead of manufacturing a new one, BEE transactions instead of investing in start-ups and growing existing businesses, etc.). Increasing interest rates when new money (debt) is used like this accelerates inflation and leads to transference of wealth to the wealthiest who either have cash or borrow at very low interest compared to ordinary people. Thus inflation targeting is the root cause of the inflation because of the way the money is used. If SARB must maintain inflation targeting, then there most be rules that commercial banks must loan minimum X% for wealth creation and maximum Y% for title transfers (changing ownership of existing assets), where X > Y.
Odd question! To it's shareholders, of course, as are all private companies. Shareholders (800+) are a matter of public record.
If the actual individual shareholders don't make anything then what is the reason that they are holding shares that have no influence
so we can now keep dollars under our mattress
Years ago vavi called for a depreciation of the rand. Driven by other factors that had now happened and the consequences are obvious. Runaway inflation will quickly kill off the little we have left.
Reduce the interest rates!!!
Vavi is the only voice of reason in this interview but the two white guys are just puppeteering
The leader of SARB,must be removed and the must be change in that constitution to uplift especially black people,we need Young educated leadership to develop our land
Money laundering has no imperfect transactions😅
We are living in joke country, where we are taken for a ride every day😢
Malema said this long time ago yu never listerned
Zwelinzima VaVi, Is so Clever , is Cmpiting with Profesors .
That's easy!
IFC (International Finance Corporation) World Bank and the WEF (World Economic Forum)!
"Bank was used for political reasons, contrary to its independence". Its called cadre deployment. Its everywhere!
My question is how much money you mast have is you house constitutionally in South Africa? 🤔🤔🤔
So white guy says we must look around the world to see which countries are successful and we should do what they do!,i agree!!,we should do everything like China 🇨🇳
You wouldn't like that, since the Chinese actually work.
Failed State = ANC GOVERMENT NO CARE FOR THERE PEOPLE ONLY OWN POCKETS😢😂😂😂
ONLY ANC GOVERMENT CYRIL WILL GET AWAY WITH STEALING MILLIONS😢😂😂
you running into a wall bunny
The SARB is accountable to parliament, that is the answer. I just saved you 50 minutes, you're welcome.
But that's not true. It's accountable to it's shareholders and commercial banks. All those things are private.
It's accountable to the World Bank and WEF, those institutions who supply the loans SA is subject to.
@@richardwebb9532 It's accountable to private individuals and commercial banks more to maximise profits for them.
@@tsepom455 SARB governer was in parliament last week, accounting for the institution, there's no SARB policy that was dictated by the said shareholders
@@lefachris125 🤣🤣🤣 And what did he account to? The reserve bank just tells them what they going to do and there is nothing they can do about it. People that they answer to and do what they want are the private shareholders and commercial banks.
They serve the Rothschild