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South Africa: Financial Sector Assessment Program

South Africa: Financial Sector Assessment Program. Axel Schimmelpfennig Senior Resident Representative in South Africa International Monetary Fund. Overview. 1. the health of a country’s financial sector has far-reaching implications for its economy as well as for other economies.

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South Africa: Financial Sector Assessment Program

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  1. South Africa:Financial SectorAssessment Program Axel Schimmelpfennig Senior Resident Representative in South AfricaInternational Monetary Fund

  2. Overview 1 the health of a country’s financial sectorhas far-reaching implicationsfor its economyas well as for other economies

  3. A selection of recent assessments United States (2015) India (2013) Peru (2015) Turkey (2012) Brazil (2012) Switzerland (2014) Hong Kong (2014) UnitedKingdom (2011) Korea (2014) China (2011) Canada (2014) Singapore (2013) Germany (2011)

  4. Financial sector Legal framework Banks Insurance Regulatory framework Supervision Investment schemes Domestic economic environment External economic environment

  5. Objectives of the assessment Assess: stabilityof financial sector Assess: developmental aspect of financial sector

  6. Focus in South Africa

  7. Some findings 2 South Africa’s financial sector is large, sophisticated,highly concentrated, and interconnected relatively high capital buffersas well as sound regulation and supervision elevatedbut manageablefinancial sector risks

  8. Stress tests

  9. Risk assessment

  10. Recommendations 3 heightened scrutiny of asset quality and liquidity risks strong regulation and supervisionare essential to ensurefinancial sector resilience

  11. Closing gaps, enhancing resilience

  12. Additional elements

  13. Published documents www.imf.org/SouthAfrica

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