March 20, 2019 / 8:04 AM / 3 months ago

South Africa's FDI inflows reach five-year high in 2018 - central bank

PRETORIA, March 20 (Reuters) - South Africa’s foreign direct investment (FDI) inflows rose to a five-year high of 70.7 billion rand ($4.9 billion) in 2018 from 26.8 billion rand the prior year, the central bank said on Wednesday, despite outflows in the final quarter of last year.

The 2018 FDI inflows were the highest since 2013, when the country recorded inward investment of 80.1 billion rand, the bank said.

Africa’s most industrialised economy registered FDI outflows of 8.2 billion rand in the last three months of 2018 as South African subsidiaries repaid short-term loans to foreign parent companies, the South African Reserve Bank said in its quarterly bulletin.

Portfolio investment inflows fell to 90 billion rand in 2018 from 278.8 billion rand the previous year, with outflows of 33.9 billion rand recorded in the final quarter of 2018, the central bank said.

$1 = 14.4706 rand Reporting by Olivia Kumwenda-Mtambo Editing by Alexander Winning

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