Extraordinary Telkom receipt lines govt coffers

    Johannesburg, Jul 7 (I-Net Bridge) – South Africa’s government recorded a cash flow surplus of 3.211 billion rand in the third month of the fiscal year with the standout feature being an extraordinary receipt from Telkom’s sale of a 15% share in Vodacom to Vodafone.
    The data released by Treasury shows that during June, domestic short-term loans increased by 10.810 billion rand, while domestic long-term loans lifted 7.231 billion rand. Foreign long-term loans decreased by 80 million rand.
    A surplus in the cash balances of 17.231 billion rand was recorded.
    Extraordinary payments of 20.3 million rand were made in respect of losses on conversion of foreign currency transactions.
    Government’s balances in the South African Reserve Bank accounts, mainly sterilisation deposits, amounted to 70.503 billion rand. The sterilisation deposits are not readily available for financing government’s borrowing requirement, as this would increase the money market liquidity.
    Operational cash balances with commercial banks amounted to 29.377 billion rand.
    More detailed information on the provisional figures will be included in the monthly statement of the National Revenue, Expenditure and Borrowing which will be released on 30 July 2009.

    By Evan Pickworth
    I-Net Bridge.
    Copyright 2009 I-Net Bridge. All rights reserved.

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