More stable conditions return to financial markets Although the underlying conditions in the South African financial markets had already become more stable in early July, conditions started to improve noticeably only in late September and early October.
Just as the initial negative impact on South Africa was closely linked to adverse developments in the international financial markets, the recent recovery also followed an improvement in international financial conditions that gained momentum during and after the 1998 Annual Meetings of the International Monetary Fund and the World Bank.