Gerard Abrahamse, General Manager at ASI Property, says the long-term sustainability of South Africa’s community schemes depends on stronger financial discipline, proactive levy collection and professional management to prevent rising arrears, deferred maintenance and declining property values.
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Since November 2021, the policy rate has been raised by 475 basis points (bps), with the SARB hiking at each of the past ten meetings. It is prudent at this point to take a break from hiking to assess the cumulative effects on inflation.
Following the South African Reserve Bank’s (SARB’s) decision to leave interest rates unchanged, FNB will maintain its prime lending rate at present levels and will review its position following the SARB MPC decision in September.
It can take time to rearrange assets in a cost-efficient manner. It is wise to manage taxes and executors’ fees that can carve away up to 30% of your intergenerational legacy.
According to a poll of 106 economists by Reuters, the U.S. Federal Reserve will raise its benchmark overnight interest rate by 25 basis points to the 5.25%-5.50% range on July 26.
Considering the state of the South African economy and the low levels of financial literacy in the country, it’s clear that immediate action from across society is required.
