FINANCIAL SERVICES
Financial services groups hold frank talk on SA’s standing
Financial services bodies held frank discussions with the ANC on Monday, emphasising that the issues of concern of ratings agencies needed to be tackled, Banking Association SA MD Cas Coovadia said. There were things that government could do immediately to rebuild confidence, such as dealing with issues at state-owned enterprises, he said. Moody’s downgraded SA’s domestic currency debt to one notch above junk on Friday, placing the country on a negative outlook. The country risks major capital outflows if the domestic currency credit rating is further downgraded. Senior ANC officials including Finance Minister Malusi Gigaba and his predecessor, Pravin Gordhan, attended the meeting. Representatives of the Association for Savings and Investment SA were present. Coovadia said the bodies agreed with the positions outlined in the ANC’s economic policy documents.
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