South Africa recorded foreign direct investment inflows of R24.4-billion in the first quarter of 2024, up from a revised R2.5-billion in the previous quarter, central bank data showed on Thursday.

The South African 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-billion in the first three months of 2024, compared to outflows of R9-billion in the fourth quarter of 2023.

The portfolio outflows reflected the disposal by non-residents of R24.2-billion of domestic equities and R27.8-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 international bond of national government," the Reserve Bank said.