Bank of Baroda to withdraw from SA
The Reserve Bank has received notification from the Bank of Baroda of its exit from South Africa. The Indian state-owned international banking and financial services company notified the Office of the Registrar of Banks of its exit from South Africa. “The Registrar, which is part of the South African... Read more
New banknotes to honour Madiba’s centenary
As the commemoration to mark the 28th anniversary of the release from prison of Former President Nelson Mandela continued on Sunday, the South African Reserve Bank (SARB) has announced that it will issue a set of commemorative banknotes to honour the former statesman’s centenary. Mandela would have turned 100... Read more
SARB imposes administrative sanctions on China Construction Bank
The Reserve Bank has imposed administrative sanctions on the China Construction Bank (CCB) Corporation, Johannesburg branch, for non-compliance with the Financial Intelligence Centre Act. “The South African Reserve Bank (SARB) has imposed administrative sanctions on China Construction Bank Corporation, Johannesburg Branch (CCB), for non-compliance with the Financial Intelligence Centre... Read more
Treasury slams “reckless” Viceroy report
National Treasury has condemned US research company Viceroy’s “reckless” report into Capitec bank. “The National Treasury notes the reckless manner in which Viceroy, a US-based trader/research firm, released its report on Capitec bank earlier in the week. Viceroy is not regulated in South Africa, and by its own admission,... Read more
Kganyago named Central Bank Governor of the year
President Jacob Zuma has congratulated the governor of the South African Reserve Bank, Lesetja Kganyago, for winning the Central Banking Governor of the year 2018 award. The award celebrates the officials that have best managed to stimulate growth and stabilise their economy. In announcing the award on Wednesday, Central... Read more
No change in report rate
The repurchase rate will remain unchanged at 6.75% per annum, Reserve Bank Governor Lesetja Kganyago has announced. “In light of the recent developments and the balance of risks, the MPC has decided that it would be appropriate to maintain the current monetary policy stance at this... Read more
Reserve Bank says growth above 1.5% unlikely
South Africa is unlikely to have growth above 1.5% in the next two years, the Reserve Bank said. Releasing the Monetary Policy Review (MPR), the central bank said domestic growth has stalled due to political and policy uncertainty that has depressed household and business confidence. “The forecast indicates a... Read more
Reserve Bank speaks on KPMG
The Reserve Bank has refuted claims that it has instructed banks on what steps they should take against auditing firm KPMG. “The South African Reserve Bank (SARB) would like to state categorically that it has not instructed banks on what steps they should or should not take with regards... Read more
SA’s current account deficit widens
South Africa’s current account deficit has widened to 2.1% of Gross Domestic Product (GDP) in the first quarter of 2017, says the Reserve Bank. “The deficit on the current account of the balance of payments widened from R76 billion in the final quarter of 2016 to R92 billion in... Read more