PETER BRUCE: Beware the spendthrifts eyeing Bank’s pot of gold
The R459bn in the GFECRA is proving to be a temptation for some
Free lunch anyone? We specialise in those in SA, and it’s been terrifying to see the sudden explosion of conversation about a supposedly remarkable pot of gold in the Reserve Bank that until very recently no-one seemed to know anything about.
There’s this thing called the Gold & Foreign Exchange Contingency Reserve Account (GFECRA) on the books of the Reserve Bank. There is R459bn in it, enough to pay the current R350 a month social relief of distress grant for 10 years. Or, indeed, all of Eskom’s debt...
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