South African central bank prepares for total power failure
Sarb working on resilience plans but warns only “some transactions” may continue
South Africa’s central bank says the country’s payment system is not yet ready to cope with a feared complete shutdown of the electrical grid.
The South African Reserve Bank (Sarb) is working with the private sector to prepare emergency plans in case the electrical grid, already under severe strain, collapses.
Kuben Naidoo, the Sarb deputy governor in charge of financial stability, said the preparations could allow the financial system “to run some transactions” temporarily.
Naidoo said the
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