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

Volume/Issue: Volume 2022 Issue 186

Publication date: June 2022

ISBN: 9798400214714

$0.00

Add to Cart by clicking price of the language and format you'd like to purchase

Available Languages and Formats

	pdf else	epub else
English

Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Finance , Economics- Macroeconomics , Money and Monetary Policy , International - Economics , Business and Financial , IMF-World Bank Financial Sector Assessment Program , International Monetary Fund Washington , d , c , Macroprudential Policy action , FSAP's finding , staff team of the International Monetary Fund , Financial sector stability , Macroprudential policy , Systemic risk , Macroprudential policy instruments , Africa , Global

Also of interest

Peru

Grenada

Nepal

Peru

Summary

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.