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FinMin Godongwana Rules Out Creation of New State Bank

SOUTH AFRICA
  • South Africa does not have the funds to create a new state bank and if one is created it must be self-funded, Finance Minister Enoch Godongwana tells lawmakers Wednesday
  • “’South Africa’s state banks must be questioned if they are living up to their mandates and if a new state bank is created, what market failure will it alleviate?”
  • Parliament is processing legislation that will allow The Post Bank, which is part of the South African Post Office, to get a license from the South African Reserve Bank: Godongwana - bbg
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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