B2B Central

sarb

22 Jul 2021

Unchanged interest rates provide temporary relief to consumers and businesses

By Staff Writer

Following the South African Reserve Bank’s (SARB) decision to keep its benchmark rate unchanged, FNB will maintain its prime lending rate at 7% and will review its position after the next SARB MPC meeting in September 2021.Jacques Celliers, FNB CEO says: “The SARB continues to adopt a prudent approach to balance monetary policy imperatives with support for our fragile economy. We welcome the SARB’s decision to keep rates unchanged as it allows consumers and businesses temporarily relief to assess the impact of recent events on their finances.
20 Jul 2021

How interest rates affect investments

By Staff Writer

In 2020, the South African Reserve Bank (SARB) dramatically cut the country’s interest rate by 3%, lowering the repo rate to a historic low of 3.5%. The SARB initially started to cut interest rates in response to declining inflation, which was sitting towards the bottom-end of the inflation target band (of between 3% and 6%). In mid-2020, the SARB cut the repo rate even further, in response to the COVID-19 crisis, to provide relief to consumers and businesses and promote economic growth.

30 Jun 2021

South African Reserve Bank celebrates its centenary birthday

By Staff Writer

Today, 30 June 2021, the South African Reserve Bank (SARB) marks a significant milestone as it celebrates its centenary birthday. This makes South Africa’s central bank the oldest central bank in Africa. To mark its centenary, the SARB will issue a commemorative circulation R5 coin.
17 Jun 2021

How will the SA economy stand a third wave?

By Staff Writer

Current projections of the South African Reserve Bank are that the South African economy will get back to pre-Covid levels by 2022. However, as we enter the third wave of infections and parts of the economy are forced to limit activity, this projection might be considered optimistic.
25 May 2021

SARB commences feasibility study for general-purpose retail central bank digital currency

By Staff Writer

The South African Reserve Bank (SARB) has embarked on a study to investigate the feasibility, desirability and appropriateness of a central bank digital currency (CBDC) as electronic legal tender, for general-purpose retail use, complementary to cash.

19 Apr 2021

Sexwale allegations point to 'scam'

By Staff Writer

Allegations made by Mr Tokyo Sexwale on alleged billions that have been deposited at the South African Reserve Bank (SARB) points to a common scam. This is the word from both the National Treasury (NT) and the SA Reserve Bank (SARB) in a joint statement issued this afternoon.
13 Apr 2021

Looking on the bright side of life ... and investing

By Staff Writer

It’s not easy being an optimist in South Africa. As soon as you think things are improving, something comes along to shake your confidence. This happens almost daily. No wonder many people take a position of permanent pessimism. That way they are less likely to be disappointed.

12 Apr 2021

COVID-19 Loan Guarantee Scheme extended for three months

By Staff Writer

The Loan Guarantee Scheme (LGS) was announced by President Cyril Ramaphosa on 21 April 2020 as part of the Economic Stimulus Package and was designed to support small businesses that were experiencing financial distress as a result of the COVID-19 pandemic.

01 Apr 2021

SARB imposes administrative sanctions on Deutsche Bank AG - Johannesburg Branch

By Staff Writer

The South African Reserve Bank (SARB) has imposed administrative sanctions on Deutsche Bank AG - Johannesburg Branch (Deutsche Bank) and directed the bank to take remedial actions. The SARB found weaknesses in the bank’s money laundering control measures following an inspection conducted in 2019 in terms of the Financial Intelligence Centre Act 38 of 2001 (FIC Act).
01 Apr 2021

VBS Mutual Bank completes transfer of guaranteed retail deposits to Nedbank

By Staff Writer

The VBS Mutual Bank (VBS) liquidator, Anoosh Rooplal, today announced that qualifying retail depositors, who had up to R100 000 in their VBS accounts, should redeem their funds at any Nedbank Limited (Nedbank) branch up until 8 July 2021. This is the date when the agreement between the liquidator, the Prudential Authority (PA) and Nedbank is due to end.

31 Mar 2021

Minister of Finance approves Access Bank’s acquisition of Grobank

By Staff Writer

The Minister of Finance, on the recommendation of the Prudential Authority (PA), has approved the proposed acquisition of the controlling interest in Grobank by Access Bank Plc (Access Bank). Access Bank is a Nigerian-registered multinational bank with a footprint across Africa, the United Kingdom and Asia.
30 Mar 2021

How’s the punchbowl looking?

By Staff Writer

The Fed recently abandoned the old punchbowl theory of monetary policy. After a major review, it effectively decided late last year that the punchbowl needs to remain in place so that the party can get going properly.