Business In The News South Africa

SA rand slips again as EFF introduces Bill nationalize Reserve Bank

JOHANNESBURG, August 17- South Africa’s rand slipped again on Friday and touched the 15.00 mark against the U.S. dollar, the second time this week, as it continues on the slippery slope following the turmoil in Turkey that turned investors against emerging market currencies. The rand’s depreciation on Monday reflected weakness in the Turkish lira in the […]

Business In The News South Africa

SA Reserve Bank fines VBS Mutual Bank and China Construction Bank R77.5 million

JOHANNESBURG, May 29 – The South African Reserve Bank (Sarb) said on Tuesday that it had imposed R77.5 million in administrative penalties to two banks for failing to comply with the Financial Intelligence Centre (FIC) Act and directed them to take remedial action to address the identified deficiencies. The China Construction Bank Corporation and the embattled VBS […]

Business In The News South Africa

Black Business Council tries to intervene on behalf of VBS Mutual Bank

JOHANNESBURG, March 12 – The Black Business Council (BBC) said on Monday that it notes with serious concern events that culminated in the placing of the troubled VBS Mutual Bank (VBS) into curatorship by the South African Reserve Bank (SARB), and that it was engaging all relevant stakeholders to find an amicable solution. SARB Governor Lesetja Kganyago announced on […]

Business In The News South Africa

SA civic organisation calls for action against municipalities over VBS Bank investments

JOHANNESBURG, March 12 – The South African National Civic Organisation (SANCO) has called for action against municipalities that invested their finances with the troubled Limpopo-based VBS Mutual Bank. This follows South African Reserve Bank (Sarb) Governor Lesetja Kganyago’s announcement on Sunday that the bank had been placed under curatorship. VBS is facing a liquidity crisis after […]

Lead South Africa

SARB to clarify VBS Mutual Bank situation

JOHANNESBURG, March 11 – The South African Reserve Bank (SARB) will on Sunday clarify the liquidity status of troubled Venda-based VBS Mutual Bank and whether it will be put under curatorship. SARB governor Lesetja Kganyago and the Registrar of Banks Kuben Naidoo will update media on VBS Mutual Bank at the central bank’s headquarters in […]

Lead Opinion South Africa

The big SARB nationalisation lie

All branches are created equal. But some branches in Saxonwold and Sandton are apparently more equal than others… By Khaya S Sithole JOHANNESBURG- Over 2 months ago, in a place called Nasrec, I sat in the company of visibly exhausted members of the Fourth Estate waiting for the economic doyenne of the African National Congress […]