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South Africa: Financial Sector Assessment Program-Technical Note on Systemic Risk Oversight and Macroprudential Policy

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  • International Monetary Fund

Abstract

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, among others, 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 has also been enhanced and some macroprudential policy tools phased-in.

Suggested Citation

  • International Monetary Fund, 2022. "South Africa: Financial Sector Assessment Program-Technical Note on Systemic Risk Oversight and Macroprudential Policy," IMF Staff Country Reports 2022/186, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2022/186
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