Similar to other EMEs, portfolio inflows into South Africa declined in the aftermath of the “taper tantrum”. Reserve Bank statistics show that total portfolio inflows slowed from R85 billion in 2012 to R50 billion in 2014, comprising mostly bond inflows of around R37 billion. More recent  3  3 May to August 2013.
4  According to the JP Morgan EM currency index, comprising Brazil, Chile, China, Singapore India, Hungary, Mexico, Russia, Turkey and South Africa. 5  Mid-2014 to mid-March 2015 (Since then, however, the US dollar has depreciated marginally, but traded generally sideways.).