Capta FX

17/05/2023

Earlier this month The South African Revenue Service (SARS) announced new enhancements to its Tax Compliance Status Process, specifically for individual taxpayers wanting to make use of their R10 million Foreign Investment Allowances (FIA) to transfer funds offshore.

Here's everything need to know about how the new process affects taxpayers and what additional documentation is required when submitting an AIT application.

https://mailchi.mp/b03c38ded0bb/changes-to-the-sars-tax-compliance-status-process

04/01/2023

It’s officially a new calendar year which means that offshore allowances have reset for South Africans wanting to use their single discretionary allowance and foreign investment allowance to transfer funds offshore for 2023.

If you are looking to start moving your funds out of SA and also require your 2023 tax clearance, our foreign exchange trade desk is available and ready to assist to get your currency to the destination you need it to go.

Contact us on 0115684446 or email [email protected] for more information and assistance.

YOUR OPPORTUNITIES ARE OUR FOCUS

08/06/2022

The South African rand strengthened on Tuesday, riding on the better than expected growth of the economy results for quarter one which showed the local economy was back at pre-pandemic levels.

The rand however weakened in early trade this morning, as the dollar rose, helped by a rise in US Treasury yields.

Just like other EM currencies, we have seen the local currency recover significantly since mid-May to hit its best levels in six weeks on Monday as Beijing’s reopened its economy, boosted by investor sentiment.

The rand is currently trading at 15.38/USD and 19.26/GBP

The rand has recovered significantly since mid-May, just like other EM currencies. Tuesday’s GDP data for Q1 provided additional support. However, thi

19/05/2022

Are you currently earning your salary in a foreign currency?

CAPTA Forex offers secure, fast, and easy international money transfers into Rands from a global network of currencies (including exotic currencies).

To open up your own CCM account, you can now register via our online registration portal https://captafx.co.za/personal-registration/

YOUR OPPORTUNITIES ARE OUR FOCUS

16/05/2022

The Reserve Bank’s rate decision and inflation is set to take centre stage this week as the MPC announces its latest interest rate.

Economists are saying that the MPC will and should increase the rate by 50 bps to 4.75% to cope with global financial conditions and contain high inflation.

Some poor economic data out of China this morning has seen emerging market stocks and currencies hover just above their lowest level in almost two years, with the local currency taking the biggest knock with the latest announcement from Eskom about this weeks’ domestic power cuts.

The Rand is currently trading at 16.22 against the dollar, around 0.45% weaker than its previous close.

https://www.businesslive.co.za/bd/economy/2022-05-15-economic-week-ahead-reserve-banks-rate-decision-and-inflation-to-take-centre-stage/?utm_term=Autofeed&utm_medium=Social&utm_source=Facebook&fbclid=IwAR0RRWWgrmeFKn6ay_X9h-Fk317NjvWGIIvc1cdNE0fuExLn4U4RRIq6GCw =1652639671

The monetary policy committee is widely expected to announce a 50 basis point rise

03/05/2022

After breaking its nine-day losing streak on Friday, the Rand fell as much as 2.44% for a second public holiday yesterday - its biggest drop since November 2021.

And it seems our local currency is set for another wild ride this week as the FED is set to announce its largest interest rate hike since 2000, tomorrow.

Today we have seen the ZAR steady a bit to currently trade at 15.88/$

In early trade the rand was at R16.08 against the dollar, largely flat from its close on Monday.

20/04/2022

South Africa's rand dropped yesterday, when the country's ailing power utility ramped up scheduled power cuts that constrain growth in the continent's most industrialised nation.

By close of business the rand was trading at 14.94 against the dollar, 1.84% lower than its previous close.

The International Monetary Fund meanwhile slashed its forecast for global growth by almost a full percentage point on Tuesday - leading to negative sentiment that weighs on riskier currencies like the rand.

Stocks however rose. The Johannesburg Stock Exchange's Top-40 Index climbed 0.58% to 66,867 points and the broader All-Share Index rose 0.61% to 73,830 points.

This morning the local currency is trading at 14.93/$ and 19.46£

South Africa's rand dropped on Tuesday, when the country's ailing power utility ramped up scheduled power cuts that constrain growth in the continent's most industrialised nation.

14/04/2022

Wishing all our clients and their families a blessed Easter and Happy Passover. May your weekend celebrations be filled with joy, happiness and peace.

24/03/2022

As expected, the SA Reserve Bank's monetary policy committee (MPC) has hiked the repo rate by another 25 basis points to 4.25%. This brings the prime rate to 7.75%.

Following the announcement the rand rallied to its strongest level in five months, trading 1.2% higher at 14.58 per dollar.

The SA Reserve Bank's monetary policy committee has hiked the repo rate by another 25 basis points to 4.25%. This brings the prime rate to 7.75%.

18/03/2022

Like most people around the world, we have been watching with dismay as the war in Ukraine unfolds. One of the biggest mysteries on the mind of most investors’ at the moment has been the rand’s surprising resistance at a time when all the odds appear to be stacked against it. Three weeks into the war and still we continue to see the local currency holding up to become a top performer and strengthen against 17 of the top 19 currency pairs over the past week.

Even though the rand is considered a riskier asset, it has gained favour in recent weeks as higher prices of precious metals such as gold and palladium have boosted prospects of stronger export income for the country. The US Federal Reserve’s monetary policy interest rate hike decision this week has also assisted with its gains as we saw the ZAR touch its best levels in four months on Thursday to close at R14.88.

The US Dollar has also had a mixed performance this week, weakening against 10 of the top 19 currency pairs, with the Pound being the poorest performer of all major developed currencies, looking to close off the week around the R19.65/GBP level.

The Euro’s performance however has taken a comparative turn for the better after a few dismal weeks, to trade within the range of R16.43 and R16.55.

The JSE all share is on track for another day of gains after it closed 4.04% higher in the previous session, with strong gains across all sectors.

Many risks still remain for the rand, ranging from the ever-present danger posed by Covid, political headwinds at the Zondo commission, the current load shedding debacle and ongoing unexpected geopolitical tensions. Analysts will also need to continue to monitor the developing conflict in Ukraine, and the effects of this on the Eurozone and the broader global economy.

This morning the local currency is little changed at R14.92/$, R16.53/€ and R19.62/£.