Reserve Bank sounds alarm on threat of sanctions.
The South African Reserve Bank has warned of dire consequences should the country face censure due to its stance on Russia’s invasion of Ukraine.
More than 90% of South Africa’s international payments are processed through the Society for Worldwide Interbank Financial Telecommunication system, Herco Steyn, the report’s lead author, told reporters. Its neutrality was called into question this month when US Ambassador Reuben Brigety accused Pretoria of supplying weapons to Russia.While President Cyril Ramaphosa denied the allegation, the diplomatic furore that ensued sparked fears that trade worth billions of dollars could be placed at risk, and the rand fell to a record low against the dollar.
South Africa’s relations with its main trading partners could be damaged, and it could lose its preferential trade access; and
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