South Africa: Financial Sector Assessment Program-Financial System Stability Assessment

Author: International Monetary Fund. Monetary and Capital Markets Department

Financial Sector Assessment Program-Financial System Stability Assessment

Volume/Issue: Volume 2022 Issue 039

Publication date: February 2022

ISBN: 9798400200885

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Topics covered in this book

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Banks and Banking , Finance , Money and Monetary Policy , International - Economics , Business and Financial , B , bank solvency stress tests , IMF mission chief , foster market entry , increase capital market financing , coverage ratio , financial system structure , FSAP finding , D , nonbank risk analysis , Financial Sector Assessment Program , Stress testing , Insurance companies , COVID-19 , Africa , Global

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Summary

The economy recovered strongly in 2021, following an unprecedented real output contraction in 2020. However, the outlook remains precarious amidst projected future low growth, high unemployment and adverse debt dynamics, and the recovery pace is unlikely to be sustained. Ample buffers allowed the financial system to handle the COVID-19 shock relatively well, but domestic and external downside risks remain substantial—with potential implications for asset quality, profitability, and solvency.