The outcome of the U.S. presidential election is bound to have some effects on South Africa, Finance Minister Trevor Manuel said on Tuesday.
"There are policy debates that would have an impact and ramifications around the world," Manuel said after his annual meeting with the Federated Unions of South Africa.
As finance minister, he watched policies on taxes closely, Manuel said.
The U.S. enlarged debt ratio would require further borrowing and this could have an impact on what South Africa could borrow, he explained in the context of that country's and the global crisis.
The official reiterated that he believed that South Africa's banking sector was well capitalized and supervised.
The recent volatility of the rand had acted as a shock absorber in irrational markets, and he had learnt to no longer "lose hair" over it. His deputy had not yet been appointed.
"I await somebody to be assigned as Deputy Minister of Finance so that I can transfer some of the load to a very enthusiastic deputy minister."
That post will be decided by President Kgalema Motlanthe.
(Xinhua News Agency November 5, 2008)