Finance minister Enoch Godongwana has admitted that the National Treasury made a mistake when it allowed pension funds and other asset managers to increase their offshore holdings. 

The amendment of regulation 28 of the Pension Funds Act — introduced in 2022 to “externalise savings” of South Africa’s collective investment schemes industry in other markets — drew sharp criticism from a portfolio manager at the RMB/Sunday Times post-budget breakfast event in Cape Town on Thursday. ..

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