While some reckon a total system collapse is unlikely to occur, it is not impossible, according to The South African Reserve Bank's Deputy Governor Kuben Naidoo who spoke of a contingency plan in case.
Our country has experienced unprecedented levels of load shedding this year, with the power utility struggling to meet electricity demand. As a result, the nation has been left in darkness for as many as 12 hours a day.
This is obviously causing a bit of a stir, as people, businesses and industry starts to wonder what will happen with the already unreliable power supply in the country becomes completely nill. That means that the central bank says it is working on a contingency plan to ensure the payments system remains in operation in the event that we are left completely electricity barren:
“Thanks to technology and some planning, we may be able to run some transactions, and we may be able to have some functionality in the system, even if it is for a short period.”SARB and other financial markets regulators, including the operator of the Johannesburg Stock Exchange , are working on a strategy to keep the markets moving:
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