Lesetja Kganyago: Recent developments in South Africa - has the country turned for the better?

Address by Mr Lesetja Kganyago, Governor of the South African Reserve Bank, at the SwissCham Southern Africa General Assembly, Zurich, 8 May 2018.

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

Introduction

Good evening, ladies and gentlemen, and thank you for the opportunity to address you tonight.

Switzerland and South Africa have close economic ties, and there are numerous opportunities to improve and expand on these.

The outlook for the South African economy has improved significantly over the past few months. Recent political developments have generated renewed business and consumer confidence, and investment prospects have been enhanced considerably.

However, a number of domestic challenges remain, and the global environment, while favourable, is becoming more volatile and increasingly unpredictable. From the perspective of the South African Reserve Bank (SARB), inflation appears to be under control, but there are incipient risks.