Nationalisation of the country’s banks would seriously undermine confidence in the economy and the country‚ the Banking Association of SA (Basa) cautioned on Tuesday. The body described the debate as "alarming"‚ saying it was critical that "the Treasury move quickly and publicly to provide absolute certainty on its policy position in this regard". "Any nationalisation of banks will have a direct impact on stability‚ and will seriously undermine what fragile levels of confidence remain in our economy and society. We cannot allow ourselves to be in a position where we are further undermining the competitive positions that remain because of political expedience, said Basa MD Cas Coovadia. "It is incumbent on all of government to be unequivocal in its position that the financial sector is critical to the economy." He said that at a time when Finance Minister Malusi Gigaba had declared a commitment to rebuild confidence in the country’s economy and its institutions‚ and to foster policy ...
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