IMF Staff Country Reports

South Africa: Financial Sector Assessment Program-Technical Note on Systemic Risk Oversight and Macroprudential Policy

June 17, 2022

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South Africa: Financial Sector Assessment Program-Technical Note on Systemic Risk Oversight and Macroprudential Policy, (USA: International Monetary Fund, 2022) accessed September 20, 2024

Summary

South Africa has made significant progress in strengthening its macroprudential policy framework and foundations since the 2014 FSAP. Institutional arrangements were overhauled by the 2017 Financial Sector Regulations Act that, among others, introduced the current ‘Twin Peaks’ structure, provided SARB with a strong financial stability mandate, and sought to foster interagency coordination and collaboration (including via the establishment of the Financial System Council of Regulators. As a result, South Africa has a hybrid macroprudential policy framework that combines a ‘strong’ decision maker in the SARB Governor, but that is importantly supported by an advisory committee structure, fostering effective cooperation and coordination. Systemic risk monitoring has also been enhanced and some macroprudential policy tools phased-in.

Subject: Financial regulation and supervision, Financial sector policy and analysis, Financial sector stability, International organization, Macroprudential policy, Macroprudential policy instruments, Monetary policy, Systemic risk

Keywords: D.c, Africa, Financial sector stability, FSAP's finding, Global, IMF-World Bank Financial Sector Assessment Program, International Monetary Fund Washington, Macroprudential policy, Macroprudential Policy action, Macroprudential policy instruments, Staff team of the International Monetary Fund, Systemic risk

Publication Details

  • Pages:

    21

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2022/186

  • Stock No:

    1ZAFEA2022009

  • ISBN:

    9798400214653

  • ISSN:

    1934-7685

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