Notes to the consolidated annual financial statements | Note 23

  Rm 2018   2017  
23. Cash and cash equivalents        
  Bank and cash balances 1 12 538   8 873  
 

The carrying amount of cash and cash equivalents normally approximates its fair value due to short-term maturity.

Note:
1. Included in the bank and cash balances is an amount of R190 million (2017: R164 million) which represents the call deposits of Vodacom Insurance Company (RF) Limited and Vodacom Life Assurance Company (RF) Limited. The call deposits are invested based on the asset spread requirement in terms of the Long-Term and Short-Term Insurance Act of 1998.

Notes to the consolidated annual financial statements | Note 23