Kganyago Says That the Economic Hurdles Faced by SA Have Not Been Derailed
- The economic recovery of the country remains on track in spite of the numerous challenges brought on by the Covid-19 pandemic
- Reserve bank governor Lesetja Kganyago stated the above and added that the Covid-19 pandemic has had a severe impact on the country's economy
- Kganyago made the point during a media briefing for the International Monetary Finance Committee, where he also serves as the chair
PAY ATTENTION: Click “See First” under the “Following” tab to see Briefly.co.za News on your News Feed!
South African Reserve Bank (SARB) Governor Lesetja Kganyago issued statements at a closing news conference for the IMFC where he stated that the country's economic recovery has not been derailed regardless of the many hurdles.
Conversing during a virtual address of the bank’s 100th celebration on Wednesday, Kganyago said that he feels the central bank has implemented a sufficient amount of effort to limit further decay of the economy as a result of Covid-19.
However, Kganyago also stated that South Africa implemented enough steps to limit the impact of Covid-19 on the economy.
Source: Getty Images
A report by SABC News revealed that Kganyago confirmed that despite these actions limiting the impact on not only the financial market but South Africans in general there has been a grave effect on the economy.
According to BusinessDay, the SARB stands as the oldest central bank in Africa. Established in 1921, it has stood in the front lines of SA’s financial evolution from a colonial mining outpost of the British Empire to a powerful democracy in Africa’s most developed economy.
PAY ATTENTION: Never miss breaking news – join Briefly News' Telegram channel
SARB makes headlines as they seize assets from the Guptas
Previously, Briefly News reported that Sahara Computers (Pty) Limited faced financial strain as the South African Reserve Bank seized a whopping R19 million.
The money was seized under the provisions of Exchange Control Regulation 22B. This provision relates to the “forfeiture and disposal of money or goods attached or in respect of which orders have been issued or made”.
The Government Gazette recently released a notice by Kuben Naidoo, the Reserve Bank Deputy Governor, for the seizing of the money and any interest accumulated from Sahara’s Nedbank account and its deposit into the National Revenue Fund.
Enjoyed reading our story? Download BRIEFLY's news app on Google Play now and stay up-to-date with major South African news!
Source: Briefly News
