Sarb governor confirms Treasury may draw on reserves to service debt

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Photo: Elske Photography

The South African Reserve Bank (Sarb) confirmed on November 23 it is in talks with the Treasury to transfer reserves to fund the government’s growing budget deficit. 

“We are engaged with the Treasury,” governor Lesetja Kganyago told journalists, Bloomberg reported. Sarb has also “brought in international expertise” to advise on the capital position of the central bank, Kganyago said. 

Discussions are around the size and length of time of the withdrawal, and the cost for the central bank

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