South African banks and financial institutions can withstand shocks after Britons voted in favour of quitting the European Union, President Jacob Zuma said on Friday.
'South African' financial institutions can withstand 'Brexit' shock
Zuma said the Treasury and the central bank were in talks with financial institutions on the possible implications of the Brexit vote on Africa's most industrialised country.
South African financial institutions can withstand Brexit shock -Zuma
Recommended articles
![Iranian morality police crack down on women who don't wear headscarves [The Guardian]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Iranian morality police crack down on women who don't wear headscarves [The Guardian]")
Zuma said the Treasury and the central bank were in talks with financial institutions on the possible implications of the Brexit vote on Africa's most industrialised country.
"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," Zuma said in a statement issued by the presidency.
"We are therefore confident that our financial system including the banks and the regulatory framework are extremely resilient and reliable."
ADVERTISEMENT
The vote sent the rand tumbling more than 8 percent before paring some of its losses, while government bonds and stocks were also plunged into a tailspin.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Mysterious illness kills 8 people in Sokoto - no one can explain why
Child labour problem in Nigeria worst in Southeast, Northwest
Over 600,000 Nigerians are being forced to work against their will
Gov Mbah plans befitting burial for Nollywood stars Mr Ibu, Junior Pope
Tinubu made naira world’s best, what PDP failed to do in 16 years - Onanuga
8 suspects disrupt inauguration of appointed commissioners at Kano Govt House
Yahaya Bello stripped of police protection as IG withdraws officers attached to him
No need to run when EFCC invites you, Cubana Chief Priest advises Nigerians
Immigration places wanted Yahaya Bello on watchlist, unveils his passport details
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT
![The woman was recorded, among others, while bathing [BI]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'300'%20height%3D'172'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "The woman was recorded, among others, while bathing [BI]")