Satisfactory developments also occurred in the international financial aggregates over the past twelve months. The net inflow of foreign capital gained momentum again towards the end of 1996. During the first three quarters of this year, the total net capital inflow amounted to almost R20 billion.
Net purchases of bonds and equities by non-residents amounted to about R34 billion, which enabled South African residents, mainly institutional investors, to switch a further R17 billion of their South African portfolios into foreign currency denominated assets.