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. ..

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now