24 November 2017
STATEMENT BY CAS COOVADIA, MD OF THE BANKING ASSOCIATION SOUTH AFRICA
We welcome the decision by Fitch to leave the South African local and foreign currency credit ratings unchanged, albeit at sub-investment grade. It is critical that we recognise that this decision should not be seen as simply positive, rather as an indication that there is an overwhelming expectation for signs of action and leadership in our country.
The need for fiscal and policy certainty as well as growth interventions in the economy are more urgent than they have ever been. We note that the Fitch rating agency highlighted the ANC conference as an important turning point. It is crucial that the conference goes ahead as planned.
Domestic and international sentiment about our country will determine our fortunes in the short and medium term. It is important we take decisions and act in ways that build confidence in our country