Nov Covid-19 Relief Update

As at 24 October 2020, banks had provided over R50 billion in financial relief – R33,61 billion in payment breaks on credit agreements and R16,71 billion under the loan guarantee scheme – to South African businesses and individuals who are financially distressed due to the Covid-19 pandemic and national lockdown.

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2020 Medium Term Budget

The Medium Term Budget Policy Statement (MTBPS) was a frank assessment of the public purse and the state of the economy and clearly set out some of the painful trade-offs that will need to be made in the years ahead if South Africa’s Economic Reconstruction and Recovery Plan is to succeed.

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Reconstruction and Recovery

The Economic Reconstruction and Recovery Plan (ERRP) unveiled yesterday by President Ramaphosa – the product of months of consultation with NEDLAC social partners – lays out a clear and inclusive path to recovery and reconstruction.

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Sep Covid-19 Relief Update

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Covid-19 Opinion

South African banks have done a huge amount over the last few months to support their customers and the economy of the country during the Covid-19 pandemic and national lockdown.

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Islamic Finance Conference

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Islamic Finance Update June

The value of Islamic financial services products grew strongly in the period to June 2020, with the deposits reaching R37 billion (2018: R23 billion) and loans and advances amounting to R14.6 billion (2018: R10.6 billion), according to data from the South Africa Reserve Bank.

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September Debt Relief Update

There has been an increase in the rate of uptake in the Covid-19 Loan Guarantee Scheme, despite demand for credit from the private sector continuing to slow, due to uncertain business conditions, unreliable electricity supply and a weak economy.

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August Debt Relief Update

Despite uncertain business conditions and a weak economy reducing demand for credit, South African banks have been able to provide a cumulative R46,22 billion – in financial relief and loan guarantees – to South African businesses and individuals who are financially distressed due to the Covid-19 pandemic and national lockdown, up to 15 August 2020.

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Bank Support Measures

The Minister of Finance, Mr Tito Mboweni, on the 19th of August met with the Board of the Banking Association South Africa to discuss measures banks were taking to support the economy as the country moved to Level 2 of the Covid-19 lockdown.

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