Sarb sounds alarm on sanctions risk

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Elske Photography

The South African Reserve Bank (Sarb) said possible US-led sanctions could have “severe” effects on the country’s financial sector.

In its latest financial stability report, published May 29, the Sarb added the threat of sanctions to a daunting list of vulnerabilities, including the faltering power grid and the banks’ exposure to sovereign debt.

Reuben Brigety, the US ambassador to South Africa, claimed on May 11 that a Russian vessel, the Lady R, took on arms at Simon’s Town naval base in

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