3 If anything, the smooth changeover to negative rates has only underlined the adaptability of market participants to this new environment, especially the money market funds industry. Turning to the longer end of the yield curve, can the same upbeat assessment by made about our asset purchase programme?
According to National Treasury estimates, public sector infrastructure expenditure is expected to average 9,7 percent of GDP over the coming three fiscal years, compared to 4,5 per cent in the 2005/6 fiscal year. During the current fiscal year, total expenditure by the SA National Roads Agency Ltd (SANRAL) on roads is estimated at R19,6 billion, compared to R2,2 billion in 2005/06.