Even if the nation isn’t sanctioned, the threat alone could mean the country’s financial institutions are subjected to more intensive scrutiny by their foreign counterparts, said Nicola Brink, the head of the central bank’s financial stability department.
“They start derisking South Africa essentially, which means that even if nothing happens, there is already some effect, with risk premia increasing, she said in an interview.It may be impossible to finance any trade or investment flows or to make or receive any payments from correspondent banks in dollars.
South Africa’s relations with its main trading partners could be damaged and it could lose its preferential trade access.
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