In the subsequent year a net outflow to the tune of R2,8 billion was recorded and for the current year to date there have been net positive flows again to an amount of some R6,2 billion. These figures refer to foreign investment in equity as well as bonds. The flows from the bond market on their own have been far more volatile.
In the emerging world, South Africa is characterised by relatively liquid financial markets. Over a longer period of time this is certainly a factor which should attract global investors. In the shorter period, however, the Bank has the impression that this might engender pure speculative activity.