Emerging market economies (EMEs) have increased their reserves holdings primarily for self-insurance. The South African Reserve Bank (SARB) has accumulated its foreign exchange (FX) reserves for the same reason, recognising the need to reduce external vulnerability. Both debt issuance and the...

This note outlines the South African Reserve Bank's proposed framework for achieving its new financial stability mandate. It sets out the institutional structure, the focus and objectives of macroprudential policy and the decision-making process to be applied. It identifies and describes three...

South Africa is a small open economy characterised by increasing trade and financial integration since the advent of democracy in 1994. The country's business cycle has been strongly synchronised with the rest of world, with large common shocks accounting for much of the increased...

South Africa has attracted substantial inflows of foreign capital since the 2008 global financial crisis, but this has not coincided with or resulted in major changes in financial intermediation – including in the shadow banking sector. Instead, debt growth has been concentrated in the public...

Changes in the monetary policies of major countries impact on the exchange rates and interest rates of emerging market (EM) countries, although the extent differs. Some EMs appear to be more exposed, owing to factors such as the size of current account deficits and low levels of foreign direct...