Capital outflows from South African markets always generate a divided conversation, especially when macroeconomic fundamentals are weak and socioeconomic challenges are on the rise. Lately, there have been two strands of debate. The first is that foreign investors in  South African bonds and equities have sold off their holdings.

The second is that South African investors have taken billions out of the country when it needs capital to be invested in infrastructure to boost growth and employment. In both cases, these seem to be extreme views that do not pass the test of evidence.      ..

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