Were South African banks within their legal rights to close a politically influential family’s accounts?
- Professor of Finance & Insurance, University of the Witwatersrand
South Africans spend billions of rands paying for services that should be provided by government, thus making the tax burden considerably higher than what appears in official tax data.
The South African government should weigh its decision carefully whether to increase value added tax (VAT) as indirect taxes fall most heavily on the poor and the middle class.
The misguided belief that banks create money out of nothing has generated public anger with organisations and individuals calling for an overhaul of the system and an end to money creation by banks.
It’s an unnerving time for Africa’s banking industry. On August 19, the ratings agency Moody’s announced it had downgraded by a notch the risk rating of South Africa’s four biggest banks – FirstRand, Standard…
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