BeztForex EC

Our weekly Rand review gives an in depth look into Rand and factors affecting the Rand.

Weekly Rand review 18 - 22 March 2024
For the full story click the link below ⬇️
https://www.beztforex.co.za/post/rand-bounces-back-but-then-gives-up-the-fight-as-predicted
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Are you an Importer/Exporter or doing international Business?

Join us next week Wednesday 13 March 2024 at 8:30 for our Global Trade/FX Workshop in Port Elizabeth.

RSVP to me directly to book your seat.

Needing to send money offshore or you are emigrating or about to emigrate - We can assist you with your forex transfers.

Transfer your money out of South Africa quickly, securely, and affordably with BeztForex BeztForex offers world-class foreign exchange and international banking services to South Africans who are emigrating.

Initially the 2024 budget was received with some optimism but sentiment has turned against the Rand.

Unfortunately the markets did not see any structural reforms and as the article states the government is robbing Peter to pay Paul, tapping into the central bank's profits to reduce the debt burden.

Investors are also cautious due to the up coming elections and predictions that the ANC may loose its parliamentary majority.

COMMENT-South Africa's rand at risk of back-to-back monthly losses Despite initial optimism surrounding South Africa's 2024 budget, investor sentiment has soured due to a lack of structural reform, leaving the rand facing back-to-back monthly losses.The robbing Peter to pay Paul budget, tapping into the central bank's profits to reduce the debt burden, looks posi.....

Early this week saw the Rand weaken against major currencies.

The USD showed strength due to stubborn US inflation numbers leading to the likelihood the US Fed may not reduce US interest rates as quickly as anticipated.

News of SEO's also not performing or needing bailouts including increased levels of loadshedding are never positive for the Rand.

South African rand weakens after mining data, U.S. inflation The South African rand weakened on Tuesday after local mining production figures disappointed, and as U.S. inflation data pushed the dollar to a three-month peak.At 1512 GMT, the rand traded at 19.1000 against the U.S. dollar FX_IDC:USDZAR, about 1% weaker than its previous close.The dollar TVC:DXY....

Rand punches through R19/$ again......right on target (as forecast) Well, what another pulsating week for the Rand and global markets. After a few weeks with a plethora of market-mover economic data releases, this past week was a somewhat quieter week on that front in terms of BIG events... ...but that didn't stop the markets from moving! The week was marked by the....

Importing?

Contact us about your foreign exchange payments. There is a likelihood that we can save you on fees and on the exchange rates.

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The reason for the current Rand weakness can be attributed to the fact that the US Fed is willing to be patient before lowering US interest rates.

The comments from the US Fed chairman have also affected other emerging market currencies.

South African rand knocked down as early Fed rate cut hopes fade The South African rand weakened on Monday as traders scaled back their expectations for aggressive interest rate cuts by the Federal Reserve this year.The rand traded at 19.0800 against the dollar FX_IDC:USDZAR at 1600 GMT, down 0.94% from its previous close.In a U.S. interview aired on Sunday nigh....

Always great sponsoring a watering point at the Big O Sports trail runs. Another great event organised by Big O!!

Rand shows encouraging strength......before giving it all away! Welcome to our first Rand Review for the month of February - can you believe January is over already? And what a humdinger of a week it has been, with February's winds showing early signs of being rather Rand-contrary! With plenty of news, events and tensions both locally and globally... ...it was a...

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US Fed decided to keep US interest rates the same yesterday. The fed also poured cold water on the idea that they may lower interest rates in March.

Inflation-focused Fed shoots down Wall Street’s hopes of March cut Investors hoping for imminent rate cuts by the Federal Reserve received a sobering reminder of the U.S. central bank’s focus on fighting inflation, after Chairman Jerome Powell poured cold water on bets policymakers would lower borrowing costs in March.At the end of the central bank's first moneta...

Rand shows vulnerability and vigour......amidst an eventful week Wow, now that was a rollercoaster week of note, with the Rand showing both vulnerability and vigour, as it swung dramatically against the US Dollar... ...from hitting its weakest level in 3 months. ...to roaring back to end the week on a positive note. A week of mixed fortunes saw the Rand ride an e...

Hedging is not exclusive to big enterprises!
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Most clients experience stress when needing to send money offshore or when receiving money from an offshore source.

BeztForex we take away the stress and handle the transaction from start to finish and ensure the transaction is compliant.

We also offer fixed transaction fees and competitive exchange rates.

Contact us if you want a seamless experience when doing foreign exchange payments and receipts.

Rand tanks to hit R19.18......before clawing back some ground Well, after an encouraging week prior, the Rand had a torrid couple of days... ...as it lost over 3% of value in a couple of days to hit its worst level in 3 years before managing to claw back some ground. Though it wasn't all about the Rand though, as the Dollar continued its January resurgence. La...

Its Interest rate decision week and the release of inflation data for SA.

USD strengthened last week as expectations of the US Fed cutting interest rates in March seem slim.

South African rand on backfoot ahead of rate decision, data South Africa's rand edged lower against the dollar early on Monday, as traders gauge an eventful week that will host the release of inflation data and the central bank's first rate decision of the year. At 0620 GMT, the rand traded at 19.0600 against the dollar FX_IDC:USDZAR, about 0.1% weaker than....

We are still seeing clients (Importers) struggle with accessing the APN functionality on E-filing due to issues with the company's registered representative.

If you are not a regular importer and have not needed to make an advanced payment yet since the launch of the the APN requirement, Go check that you have access to the APN functionality on SARS E-filing.

https://l.facebook.com/l.php?u=https%3A%2F%2Fwww.beztforex.co.za%2Fpost%2Fadvance-import-payment-notification%3Ffbclid%3DIwAR2Vb-tW73fxhUS8_E33rxOyJ8wBYOvDYcwMVU3MtP80i2LGlrTaPmc8B0k&h=AT1A7TUvQi9wGvZtLAzNjeoaA2TwIBsABE5zZpmBTiPP2oAfTKkL21Dk9_dWcbT250dOBFTaUM8qXxLlJ7-YxXUiVgzLPeiWwyF6vhab2Y4MhDd6IwCAkuZ--ENzJIRKkw&__tn__=%2CmH-R&c[0]=AT3ZddSjh7BdL5wK78dR7Lf07-tQsL7kiFr8alESLgDeUjNmM2gQyBifTX5ZnLcir7QXTWJuEO3qn8cvAxf8IYZ57e31jJchWyzivLMTzVirhi_ZbOkSO676FzO3qAwq2l4GPrMBtt6TNw0r2HlnqxTq5KH9T5zfqpTSWT75PNR75GFC3L7jdckfuGR-nmTbK6B98oFThyQg

Advance Import Payment Notification An advance payment for imports is a prepayment method in which an importer makes payment for items to be imported in advance, prior to the shipment of goods. As a result, the importer benefits from the timely and accurate processing of his import transaction. In the latter part of 2021 the South Afr...

Advance Import Payment Notification An advance payment for imports is a prepayment method in which an importer makes payment for items to be imported in advance, prior to the shipment of goods. As a result, the importer benefits from the timely and accurate processing of his import transaction. In the latter part of 2021 the South Afr...

With BeztForex you always have access to specialised international banking know-how and skills.
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Rand holds onto gains......but where to next?
For the full story, click the link 👇
https://www.beztforex.co.za/post/copy-of-rand-holds-onto-gains-but-where-to-next
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Stressed about your foreign exchange transactions and not sure about the BOP category, account details etc?

We simplify and take away the stress and frustration by handling your forex transaction from start to finish.

Contact Warren
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The new APN for importers became active on the 01/12/2023.

We have seen clients struggling as they may not have been the registered representative on SARS E-Filing which then did not give them access to the functionality.

SARS also recently required importers to confirm that they still import so this may have also been an issue when trying to load an Advanced payment on SARS E-Filing.

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Advance Import Payment Notification An advance payment for imports is a prepayment method in which an importer makes payment for items to be imported in advance, prior to the shipment of goods. As a result, the importer benefits from the timely and accurate processing of his import transaction. In the latter part of 2021 the South Afr...

South Africa has added another problem SEO to the mix namely Transnet specifically rail and now the ports not functioning properly.

In addition to Eskom loadshedding these SEO's are so important to the functioning of the South African economy so they do create risk in the market and risk to our currency weakening.

Interesting commentary from Reuters.

COMMENT-Old challenges present new problems for the rand Technically, South Africa's rand could be entering a period of stability, but growth concerns linked to power and transport issues will dampen investor sentiment and could send the currency lower. Problems at power utility Eskom and Transnet, South Africa's state rail freight utility, continue to i....

1 December 2023 is the implementation date for importers to provide their banks with an APN number for any advance import payments of R50000.

Before the 1st log onto SARS E-filing to check that you have access to the functionality and that you can load the advanced payment and get the system to generate the APN number.

Advance Import Payment Notification An advance payment for imports is a prepayment method in which an importer makes payment for items to be imported in advance, prior to the shipment of goods. As a result, the importer benefits from the timely and accurate processing of his import transaction. In the latter part of 2021 the South Afr...

Awesome trail run and a chance to win shoes

🏃‍♂Race, Win, Run in Style! 🏆 Join the Woodridge Trail Run and stand a chance to win a brand-new pair of Brian Bands Sports running shoes! 🎁 Don't miss out on the lucky draw at the prize-giving. Enter now and step up your running game!

📅 26 November
📍 Woodridge College
🏃🏼‍♀ 6km | 14km | 23km

🏁 Online entries close TODAY at 13:00! Late entries will still be available on the day from 06:30.

Enter Here: https://www.bigosports.co.za/event/woodridge-trail-run/

Live as if you were to die tomorrow.
Learn as if you were to live forever.
-Mahatma Gandhi....
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