S.Africa C.bank to manage Anglo/De Beers inflows

By | November 10 2011 1:48 PM

The South African Reserve Bank will manage any inflows related to a $5.1 billion deal between Anglo American and De Beers to mitigate any impact on the rand currency, it said on Thursday.

Reuters

As emerging economies regale in their economic status, prompting citizens to increase their spending on luxury goods, including on diamonds, analysts forecast prices of the precious metal, although not really a new kid on the block, will grow in the next four years, and could possibly out win gold, another precious metal.

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If they come in we will look at managing them like any other flows, central bank Governor Gill Marcus said when asked if the deal would have any impact on the rand.

Global miner Anglo American is set to take control of De Beers, buying out South Africa's Oppenheimer family in a deal that ends the dynasty's direct links to the diamond business after almost a century.

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