South Africa’s central bank has revealed new changes to how it intends to conduct business in the future.
The South African Reserve Bank has announced a shift in how will monitor financial stability in South Africa, alongside other commitments to cryptocurrency regulation and climate change.
Earlier this year, the Financial Sector Laws Amendment Act 23 of 2021 was enacted – giving the SARB the powers to act as resolution authority and establish the Corporation for Deposit Insurance, he said. “The evolution of payment technologies over the last few years has made the modernisation of retail and wholesale system infrastructures a key priority,” said Kganyago.reform and modernise both domestic and regional payment settlement services;improve efficiency by leveraging new technology and:It will also enhance payment services provision and address the challenges of access, speed, cost and transparency of payments for both payment service providers and consumers, added Kganyago.
These projects are being implemented through various policies. The Economic Research Department is assessing the implications of climate-related shocks for monetary policy execution and implementation, said Kganyago. Kganyago added that climate change indicators, disclosure and taxonomy rules will become part of the prudential framework.As a result of planned reservations to the head office building in Pretoria, the hybrid way of working that the SARB initiated during the pandemic will stand the staff in good stead, said Kganyago.
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