The Reserve Bank raised its main lending rate by 25 basis points to 4.25% on Thursday, citing inflation risks linked to the war in Ukraine.
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The South African Reserve Bank and its counterparts in Australia, Malaysia and Singapore have developed an experimental platform for settling multiple central bank digital currencies.
South Africa recorded R557.9-billion of foreign direct investment inflows in the third quarter of 2021.
South Africa’s financial regulator is planning to unveil a regulatory framework covering cryptocurrencies early next year.
The South African Reserve Bank raised its main lending rate by 25 basis points to 3.75% on Thursday, citing increased inflation risks.
The Bank for International Settlements will test the use of central bank digital currencies with South Africa and other countries in an experiment that could lead to a more efficient global payments platform.
South Africa is moving with more urgency to stiffen oversight of cryptocurrency assets after a proliferation of scams.
Consumer price inflation accelerated to a 30-month high of 5.2% year on year in May, moving above the midpoint of the central bank’s target range for the first time since Covid-19 struck.
South Africa has laid the foundation for finance watchdogs to set crypto-asset controls as the nation seeks to curb growing cases of fraud and improve the management of cross-border flows.
The South African Reserve Bank will introduce the Authenticated Collections/DebiCheck project from 1 May 2021 as part of its modernisation of the National Payment System.