Why South Africa avoided the crunch
South African banks have been mostly insulated from the global turmoil as the banking sector has had no direct exposure to the subprime mortgage market, reports the South African Reserve Bank's bank supervision department.
Writing in its 2007 annual report, the department said, that it expected that the borrowing costs of banks will increase and that the second-round effects of the markets will invariably impact on the earnings of banks, says the report.
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