Lesetja Kganyago: South Africa's crisis of confidence and the policy response

Address by Mr Lesetja Kganyago, Governor of the South African Reserve Bank, at the Centre for Education in Economics and Finance (CEEF) Africa Annual Banquet in celebration of 21 years of leadership investment, Johannesburg, 19 June 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Good evening, ladies and gentlemen.

Thank you for inviting me to address you today.

The global economy has been as favourable recently as it has been for some time. We are experiencing a synchronised cyclical upturn across major economies. South Africa's terms of trade are near all-time highs. Meanwhile, global financial markets have resumed a search for yield, causing stronger capital inflows to emerging markets, including South Africa.