Correction: February 22 2021

Subsequent to publication of this article, the SA Reserve Bank alerted us to a guidance note that had been published on February 18 that changed the Bank's guidance on the payment of dividends and bonuses by banks. The guidance note no longer “discourages” the payment of dividends but notes the Bank is confident “that the respective boards of directors of banks will act prudently and will duly take into consideration, among other things, the current and anticipated capital levels of their banks, the current and future impact of Covid-19 and the slow pace of economic growth on the safety and soundness of their respective institutions” when approving dividends or bonuses...

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