South African banks and financial institutions can withstand
shocks after Britons voted in favour of quitting the European Union, President
Jacob Zuma said on Friday.
Zuma said in a statement issued by the presidency that the
Treasury and the Central Bank were in talks with financial institutions on the
possible implications of the Brexit vote on Africa's most industrialised
country.
He said ``our banks and financial institutions are well
positioned to withstand financial shocks to the system as demonstrated in
previous episodes, including the 2008/09 global financial crisis.
``We are, therefore, confident that our financial system,
including the banks and the regulatory framework are extremely resilient and
reliable.''
Meanwhile, the Brexit vote had sent the rand tumbling more
than eight per cent before paring some of its losses, while government bonds
and stocks plunged into a tailspin.
Credit: Reuters/NAN
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