SA’s more affluent workers and business owners are applying the brakes to new investment in the economy as they wait to see how the pandemic and associated lockdowns progress, according to the boss of the country’s largest private bank.

“We are seeing muted activity from our clients,” Cumesh Moodliar, head of Investec Private Bank SA, said in an interview with Business Day last week. “Following the lockdown, entrepreneurs became much more prudent in what they were doing,” and were assessing the economy recovery prospects before committing to new capital expenditure or projects, he said. ..

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