SA’s financial system sound enough to cope with failing state finances, fragile SOEs

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SA’s financial system sound enough to cope with failing state finances, fragile SOEs
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The SA Reserve Bank deems government’s worsening financial position and fragile parastatals as key risks — but SA's banks can cope

Prudential Authority CEO Kuben Naidoo. Picture: FREDDY MAVUNDA

This was according to the latest Financial Stability Review released by the central bank on Thursday afternoon. The Bank regularly assesses the risks to financial stability over the next 12 months in an effort to mitigate any vulnerabilities in the local banking system. The central bank also listed weak economic growth and poor revenue collection, the escalating public sector wage bill, and rising debt servicing costs crowding other public spending, as threats to financial stability.

The review was released as concern grows about the financial sustainability of state-owned airline SAA, as well as Eskom, which is forecasting another fEskom in particular, has been a key reason for the deterioration of the government’s finances — as fiscal support for the power utility threatens to push government debt to 80% of GDP in the coming decade.

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