South Africa certainly benefitted from the abundance of global liquidity in many ways, and also used this period to build up our foreign exchange reserve levels. This was done through a combination of direct purchases (mostly related to large FDI transactions) as well as opportunistic purchases in the foreign exchange market.
In the assessment of elevated asset valuations, the relatively low level of Treasury yields is a mitigating factor; many asset valuation metrics, such as price-to-earnings ratios, corporate bond yields, and property capitalization rates, appear notably less stretched when judged relative to low Treasury yields. That said, Treasury yields reflect historically low term premiums—the compensation investors demand to hold assets over a longer horizon.