And an economist says that if the
The bank was responding to a
One pensioner, who asked to be identified only as Susan, said she noticed that R7 600 had been deducted from her account only after reading reports in the newspapers.
Another pensioner, who also asked not to be identified or reveal how much she lost, said: "I am furious, I am absolutely livid. There was no warning about this.
"To clarify the situation it is important to highlight upfront that
The fund, established in
"Late the afternoon of the following day the
Ngobese said this had an impact on at least seven of
"This resulted in a capital adjustment of circa 0.3 percent in the
Following this decision, last Tuesday Absa Asset Management announced that ratings agency Fitch had upgraded its money market fund by four notches from A to AA+ .
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