The SA Reserve Bank said in its Quarterly Bulletin that the inflows were largely due to the acquisition of a local vehicle-tracking company by an overseas firm, without naming the company that was bought.

Portfolio investments recorded outflows for the seventh consecutive quarter of R52.0 billion($2.83 million) in the first three months of 2024, compared to outflows of R9.0 billion($490 million)  in the fourth quarter of 2023.

The portfolio outflows reflected the disposal by non-residents of R24.2 billion($1.32 billion) of domestic equities and R27.8 billion($1.51 billion) of domestic debt securities.

"The outflow recorded for debt securities in the first quarter of 2024 could mainly be attributed to the maturity of a $1.5 billion($82 million) international bond of national government," the Reserve Bank said.

--Reuters--