## 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](https://www.imf.org/en/publications/cr/issues/2022/06/16/south-africa-financial-sector-assessment-program-technical-note-on-systemic-risk-oversight-519731)

## Other formats

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## Bibliographic details
- Published: June 17, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400214653.002

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### 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

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## Content in this bundle

- **Executive Summary**
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_Source: https://www.imf.org/en/publications/cr/issues/2022/06/16/south-africa-financial-sector-assessment-program-technical-note-on-systemic-risk-oversight-519731_