The South African Reserve Bank cut its benchmark interest rate for the first time in more than a year as it almost halved its economic growth forecast for the year.
South Africa’s economy remains stuck in its longest downward cycle since 1945, adding to the risk that it may fall into its second recession in a year.
South Africa’s central bank won’t bail out the country’s troubled state-owned companies including power utility Eskom because it would fuel inflation, the governor, Lesetja Kganyago, said.
The South African Reserve Bank increased its benchmark interest rate for the first time in more than two years as it sees inflation risks staying elevated.
MTN Group’s fight with Nigerian authorities over $10-billion in repatriated funds and back taxes could increase risk in South Africa’s financial system depending on the outcome, the Reserve Bank said.
South Africa will strive to allow competition into its banking system in a way that won’t threaten the stability of the industry as more and more entrants seek to rival the nation’s biggest lenders.
The Reserve Bank pioneered Project Khokha to drive consensus and adoption of blockchain systems in South Africa’s financial sector, a highly proactive action similar to other astute emerging markets such as Dubai and Singapore.
South Africa’s biggest bank heist took place without a single shot being fired.
The Intergovernmental FinTech Working Group (IFWG) is taking steps to formalise South Africa’s stance on fintech and innovation, aiming to produce a draft policy paper by early 2019. The paper is set to present
South Africa’s inflation rate fell in May as food prices rose at the slowest pace since 2013, reducing chances that the central bank will increase interest rates later this year. Consumer prices climbed 4.4% from a year