The South African Reserve Bank is worried that the government's stance on the invasion of Ukraine could have damaging effects
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- The country's central bank believes that South Africa could face sanctions for its non-aligned position in the war
- The SARB has cautioned that through secondary sanctions, Mzansi would not be able to make international payments which would have a dire impact
JOHANNESBURG - The South African Reserve Bank (SARB) has cautioned that the government's non-aligned stance on Russia's invasion of Ukraine could lead to sanctions.
South Africa could face direct and indirect sanctions
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The country's central bank added sanctions would have a catastrophic effect on South Africa's struggling economy.
The Reserve Bank stated in its Financial Stability report that South Africa could not function if it could not make international payments in US dollars.
The SARB gave an example that if South Africa were to get banned from SWIFT through secondary sanctions, these payments would not be possible.
According to BusinessTech, 90% of South Africa’s international payments are made through SWIFT.
South Africa's neutral stance in Russia's invasion of Ukraine questioned
Recently, South Africa's non-aligned stance in Russia's invasion of Ukraine has been scrutinised. US Ambassador to South Africa Reuben Brigety raised alarm bells when he accused South Africa of supplying weapons and ammunition to Russia.
35 civil organisations to march to Union Buildings in protest of influx of illegal immigrants in South Africa
South Africans call out the Reserve Bank for commenting on international relations
"Why do they sound like a political party?"
"Is Reserve Bank allowed to be political in their stance?"
"Is this what Reserve Bank should be commenting on? Is Reserve Bank in a political space now?"
"The Reserve Bank should focus on their mandate and stay out of politics."
"Our political leaders don't care because they've enriched themselves & are not subjected to our everyday struggles."
South Africans accuse DA leader John Steenhuisen of treason for telling USA that SA sold weapons to Russia
Briefly News previously reported that Democratic Alliance leader John Steenhuisen has rubbed many South African the wrong way after an explosive interview with a US broadcaster.
Steenhuisen's comments piggyback US ambassador Reuben Brigety's accusation that South African weapons were loaded on the Russian ship Lady R when it was docked in Simon's Town in December 2022.
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Source: Briefly News