The Reserve Bank sends a warning to South African banks; Ramaphosa’s electricity plan is being met with a healthy dose of scepticism; public sector wage talks remain uncharacteristically calm; and the ANC’s social transformation committee has some eyebrow-raising policy recommendations.
The Reserve Bank’s Prudential Authority has warned that South Africa’s largest banks are at risk of running afoul of international money laundering and terrorism financing rules, having found local bank exposure to these activities between 2018 and 2020. South Africa is already at risk of being placed on the global “grey list”, which could see the country excluded from international finance markets.
[Public sector unions have lowered their demand for wage increases from 10% to 6.5%. This was in response to the government’s counter-offer of 4.5% to the initial demand. Unions representing 1.3 million public servants are hoping to reach an agreement with the government after negotiations deadlocked. The state says it simply cannot afford double-digit increases. While strike action has been threatened, negotiations are uncharacteristically calm.
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