Debt Relief Consequences

The National Credit Amendment (NCA) comes as some lenders make healthy profits on loans while many of the country's poorest people spend huge chunks of their income on repayments. It could see some South Africans have their debts suspended or wiped entirely, and force more responsible lending. This could be good news for many who, like Rivele, are stuck in debt traps. However, a number of big banks told Reuters that the new rules, and the potential risks entailed for lenders, meant they had or would cut back on lending to those low-income customers who might qualify for relief in future.

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Moody’s Outlook Negative

South Africa has been spared a credit rating downgrade, despite an economic environment that is not conducive to investment, inclusive growth or job creation.

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BUSA MTBPS Statement

The Medium-Term Budget Policy Statement (MTBPS) provided further evidence of the need for urgent economic reforms to reduce state expenditure and accelerate inclusive economic growth.

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SA’s Anti-Money Laundering

The world’s money-laundering policemen are in SA to evaluate this country’s compliance with global standards and the results could be damning. There are literally billions at stake.

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Business Urges Economic Reforms

Johannesburg - Big business has called on President Cyril Ramaphosa to act urgently and implement short- and medium-term reforms and prioritise growth-enhancing policies to kickstart the economy.

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SASBO Protest

Banks will be operating as usual on the day. However, in case of any unavoidable disruptions at branches, bank customers should as far as possible make use of digital banking services. Banks will be carefully monitoring the situation to ensure the safety of their customers and staff.

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Banking Summit 2019 – Cas Coovadia

2019 will have its own share of challenges, which the sector will need to tackle with the inauguration of a new President and cabinet. We therefore recommend the topic for the 2019 Banking Summit to be along the lines “The Economy, Social Cohesion and the Banking Sector”.

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Banking Summit 2019 – Tito Mboweni

Indeed, banks and the economy are inextricably linked. When banks lend, the economy grows; when the economy grows, banks lend. This can be a vicious cycle, in that growth in credit and economic growth can artificially feed off each other until there is a financial crisis.

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Banking Summit 2019

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Banks put backups in place as sector braces for shutdown

SA’s embattled economy is set to face collateral damage when finance union Sasbo embarks on a total shutdown of the banking sector later in September, but the industry says it has put plans in place to limit the damage.

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