South Africa: Financial Sector Assessment Program-Technical Note on Systemic Risk Oversight and Macroprudential Policy
IMF Staff Country Reports, June 17, 2022
Source details
- Canonical URL
- South Africa: Financial Sector Assessment Program-Technical Note on Systemic Risk Oversight and Macroprudential Policy
Other formats
Bibliographic details
- Published: June 17, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400214653.002
Overview and institutional developments
- 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:
- 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 and tools
- Systemic risk monitoring has been enhanced.
- Some macroprudential policy tools have been phased-in.
Subject coverage and keywords
- 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: Africa, d.c, 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
Content in this bundle
- Executive Summary