From load shedding to sanctions, South Africa has a lot to worry about at the moment.
The South African Reserve Bank’s Financial Stability Review for 2023 has flagged nine key risks to the country’s economy, including two entirely new risks that have only emerged in recent months.
Economists at Nedbank highlighted the risks to the domestic financial system, noting that each carries short-, medium- and long-term impacts which could disrupt the local economy.Sharp repricing in government debtRemaining on the Financial Action Task Force greylisting for an extended periodSuccessful systemic cyberattackSecondary sanctions amid heightened geopolitical polarisation
According to Nedbank, the two new risk factors in play – the geopolitical risks and capital outflow risks – are the most notable.The group said that risks associated with sustained capital outflows, declining market depth and liquidity have been outlined in previous versions of the FSR. A sustained decrease in the value of South African government bonds held by non-residents, which would cause greater concentration within the domestic financial system.
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