Brexit South Africa can 'withstand' Brexit fallout

Britons on Thursday voted to leave the European Union, sending shock waves through the financial system.

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Jacob Zuma play

Jacob Zuma

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President Jacob Zuma of South Africa has said the country's banks and financial institutions are well positioned to "withstand financial shocks" from Brexit.

Britons on Thursday voted to leave the European Union, sending shock waves through the financial system.

In a statement, Zuma said the National Treasury and the South African Reserve Bank have been in discussions with financial institutions on the possible implications for the South African economy. "Our banks and financial institutions are well positioned to withstand financial shocks to the system as demonstrated in previous episodes including the 2008/09 global financial crisis."

"We are therefore confident that our financial system including the banks and the regulatory framework are extremely resilient and reliable," he added.

In this context, he said, "our ongoing efforts as South Africans, government, business, labour and civil society to reignite growth become that much more urgent and critical."

Zuma said the Reserve Bank and the National Treasury are closely monitoring the unfolding developments and will advise the South African public where necessary.

He added that South Africa remains committed to retaining strong trade and financial relations with both Britain and the European Union.

 

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