South Africa
Kganyago picked to succeed Marcus as Sarb governor
Deputy governor Lesetja Kganyago says he ‘will not disappoint’ as next Sarb governor; Gill Marcus says the appointment ‘reflects the depth of talent and skill’ in the central bank
Sarb governor Gill Marcus to step down
Governor of South African Reserve Bank will leave when her term expires in November; move came as a surprise to many market watchers
South Africa’s central bank opens investigation on African Bank business
The investigation will determine if ’any business of African Bank was conducted recklessly, negligently or with the intent to defraud depositors’, the central bank says
Brics nations launch development bank and reserve fund
Brazil, Russia, India, China and South Africa launch new institutions to fill the gaps left by the World Bank and IMF; Observers see challenges ahead
Sarb says advanced economy tapering will cause ‘protracted period of volatility'
South African Reserve Bank says monetary policy normalisation in the US and elsewhere will cause a protracted period of volatility in emerging markets like South Africa
Sarb forecasts further impact from Fed taper
Financial stability review highlights domestic risks that could ‘amplify’ the impact of US monetary policy on the South African economy
South African banks fined $12m over lax money laundering controls
Standard Bank is fined $5.7 million and three other banks given smaller penalties over failure to implement required processes that would prevent customers from laundering money or financing terror
South African Reserve Bank shares set to hit the market
A significant number of shares in South Africa's central bank are expected to go on sale later this year after the ‘regularisation' of ‘certain shareholdings'
Price-setters still expect Sarb to miss inflation target
The South African Reserve Bank has succeeded in persuading analysts it will keep inflation within its target band, but price-setters' expectations remain higher
Sarb hits out at ‘blatant misrepresentation’ ahead of South Africa elections
Central bank refutes claims by Democratic Alliance that Sarb models indicate support for the party’s economic policies; central bank calls for nominations to three non-executive directorships
Interest rates best transmit South African monetary policy, say researchers
New Sarb paper analyses five transmission channels for a monetary policy shock, finding interest rates to be the strongest, and asset prices the weakest
Emerging market fundamentals mean investment still makes sense, says Sarb deputy
South African Reserve Bank deputy governor Daniel Mminele tells investor conference that recent volatility is testimony EMs increased responsiveness to changes in underlying fundamentals
Researchers compare South African capital markets with international counterparts
South African Reserve Bank working paper examines how the country’s equity, currency, bond and derivatives markets in South Africa have developed and how they compare with others
BIS' Cecchetti evaluates OTC derivatives reform
BIS Monetary and Economic department head Stephen Cecchetti says market responses to OTC derivatives reform will alter degree of netting of counterparty exposures
Sarb looks to rein in money market liquidity
South African Reserve Bank concerned that high levels of liquidity could threaten the monetary policy transmission mechanism; plans to drain excess cash over a number of years
South African market inefficiencies keep ‘insiders happy and outsiders out'
Sarb deputy governor Francois Groepe says speedy implementation of key proposals in the National Development Plan would be a good start for spurring more inclusive growth
Sarb issues new collateral requirements for committed liquidity facility
While revisions to Basel III have reduced South African banks' immediate LCR shortfall, they are still 140 billion rand short, according to the central bank
Sarb deputy hails role of accountants in South African recovery
François Groepe tells new cadre of chartered accountants that they have an important role in ensuring ‘structural challenges' are addressed effectively
Policy adjustments could create 1.7 million additional South African jobs, new paper argues
‘The combined impact of reducing transport and communication costs, reducing the skill constraint, and increasing foreign direct and domestic investment' could increase potential growth to 8%
South African paper models international spillovers
Study finds South Africa is a ‘net receiver’ of spillovers from other economies; suggests this is likely to persist as business cycle synchronisation has increased
African growth could be ‘derailed’ by geopolitical tensions
South African Reserve Bank fears terrorism in continent’s key growth economies and heightened risk of social unrest could harm Africa’s growth prospects; also concerned by domestic unemployment
IMF and Sarb push for stronger systemic supervision in Africa
Joint effort to highlight importance of macro-prudential approach in addition to scrutiny of individual institutions; IMF pushing for tighter supervision
South Africa governor outlines ‘upside' inflation risks
Sarb governor expects inflation to breach target range but immediately return; explains decision to hold rates
FSB endorses South African reform efforts
First peer review under new guidelines praises South African plans for ‘twin peaks’ regulators and tighter OTC derivatives rules; implementation still presents obstacles