Economist warns of uncertainty posed by Absa’s reasons for closing its R75.47 billion fund.

Absa has not given clear reasons for closing its Money Market Fund in a letter to investors, which could lead to a bank run in which a large number of customers withdraw their deposits at the same time because they are worried about the bank’s solvency.

This could become a chain reaction as more people withdraw their funds and as the probability of default increases, more people will want to withdraw their deposits. It is therefore important for Absa to tell customers what is going on because it can lead to a lack of customer confidence, an economist warned this morning.

ALSO READ: Absa closes R75bn Money Market Fund

Asked for comment, Professor Jannie Rossouw of the Wits Business School said that Absa’s communication about the reasons for the closure is too vague.

“When a bank does something that people do not understand, there is a risk that customers can take their money and run. Therefore it is critical for Absa to communicate immediately and clearly about their decision to close the fund,” he says.

There is already speculation that Absa is trying to hide something by dissolving the fund in comments made on media reports.

Absa said in the letter that the unit trust fund, which has been operating since 1997, would be wound up in terms of Section 102 of the Collective Investment Schemes Control Act and closed on 6 July.

While giving no reason for why it opted to close the fund, Absa hinted in the letter that some of its investors might have been using it as a bank account, which it was not meant for.



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2 thoughts on “Why is Absa really closing its Money Market Fund?”
  1. You Will finish this back coaching program with a lat extension using a Vulken cable attachment,
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    It isn’t quite the same routine as the
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    The first part is loosely impressed by basic bodybuilding, the second by
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    Exercises will vary in length from one to two hours depending on the day’s exercise (leg days
    will probably take longer as a outcome of depth and volume), and the length of your rest times.

    Planks are nice for teaching newbies the means to maintain a neutral spine
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    As Soon As you can do greater than 20, raise your ft up on a bench.

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    “This exercise use no equipment other than ordinary belongings you’ll find at residence,” explains Crockford.
    One of the methods to ensure you’re rising this muscle is
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    three minutes and follow-up with a 30 second balls-to-the-walls high intensity dash.

    Do your biceps curls, rest 20 seconds, do your triceps extensions, rest 20 seconds, and then do your lateral raises.
    Relaxation one other 20 seconds, then do that enormous set again. Do your first set of
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    of every exercise. By default, we’re assuming you’re coaching
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    Workouts like squats, deadlifts, and bench presses ought to be
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    attainable however nonetheless lets you perform 6-15 reps per set.

    A newbie will have the power to pack on 10-30lbs of muscle
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    Of course, your exercises must be adequately stimulating for muscle development as nicely.
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    To optimize your bulk with out gaining too much fat, you determine on a 300-calorie surplus.
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    sitting in your butt and shoveling down huge quantities of food will
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    If you may be training to be a professional bodybuilder, then you will bulk within the off-season and
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    If you discover a constant upward trend, regulate your caloric intake.
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    function place. You’ll work with our licensed
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    A lot of lifters like to alter their exercises every couple
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    Contemplate these points of curiosity and data earlier than you begin to stack the percentages of
    success in your favor.
    A little little bit of chest, back, shoulders, arms, and legs!
    Each muscle group must be fatigued when you’re accomplished with a full-body
    routine. I used main compound lifts that are finest for bettering energy and building muscle.
    In addition, I’ve integrated no much less than one exercise
    from each major motion pattern. For the relaxation of us, full-body applications and 4-day workout splits are
    often higher, as they’re less committing and provide more time for rest and restoration.
    After two triceps exercises, EZ bar preacher curls are the first biceps
    movement. As an various choice to using the EZ bar, you can even go
    for machine preacher curls. As Quickly As
    you’re carried out, bounce over to the lateral increase machine to
    finish off your lateral delt workout routines. Chris Bumstead’s shoulders workout begins with an extensive
    warmup of band dislocations and inner and external rotations.

    This is our publication for women who are thinking about getting larger,
    stronger, fitter, and higher trying. I’ll additionally share a
    free printable PDF of this exercise program so you’ll be able
    to download it and keep it handy. I counsel maintaining
    your rest intervals between two and three minutes.

    References:

    What is a Steroid Cycle

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