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Financial Services Report South Africa July 2022

Financial Services. South Africa, 2022

2022 The Economist Intelligence Unit Ltd. All rights reserved. Reproduced with permission of the copyright owner. No further reproduction is permitted. ;EISSN: 2048-5956

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  • Title:
    Financial Services Report South Africa July 2022
  • Subjects: Banking industry ; Banks ; Borrowing ; Coronaviruses ; Cost control ; COVID-19 ; Economic growth ; Financial services ; Flood damage ; GDP ; Gross Domestic Product ; Households ; Interest rates ; Investments ; Loans ; Pandemics ; Recessions
  • Is Part Of: Financial Services. South Africa, 2022
  • Description: A key threat to banking integrity is the criticism in October 2021 of South Africa's anti-money-laundering framework by the Financial Action Task Force (FATF, a global watchdog) and its threat to "grey-list" the country unless flaws were rectified within 18 months. A sharp slowdown in annual growth in loans to the private sector pointed to credit rationing by commercial banks, combined with a predilection for lower-risk government debt. According to the SARB, there were 14 locally controlled and four foreign-controlled banks in South Africa in June 2022. There were also four mutual banks, five co-operative banks, 13 local branches of foreign banks and 29 foreign bank representatives.
  • Publisher: New York: The Economist Intelligence Unit N.A., Incorporated
  • Language: English
  • Identifier: EISSN: 2048-5956
  • Source: ProQuest Central
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