Lesetja Kganyago: Strengthening financial sector supervision in South Africa and current regulatory priorities

Address by Mr Lesetja Kganyago, Governor of the South African Reserve Bank, at the 14th BCBS-FSI high-level meeting for Africa on "Strengthening financial sector supervision and current regulatory priorities", Cape Town, 31 January 2019.

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

Introduction

Good morning, ladies and gentlemen.

I am pleased to once again welcome you to South Africa, Cape Town for the 14th Basel Committee on Banking Supervision (BCBS) - Financial Stability Institute (FSI) high-level meeting for Africa on 'Strengthening financial sector supervision and current regulatory priorities'.

Allow me to first thank you all for attending this meeting, which has become an important annual event for the South African Reserve Bank, BCBS, FSI as well as representatives from other various sub-Saharan African central banks and supervisory authorities. I hope that this meeting will be as successful as the past meetings we have had over the years.

Importance of financial sector regulation

Before we get bogged down in very technical discussions around financial sector regulation and our regulatory priorities, it is important that we first remind ourselves of the policy imperatives behind the need to continuously strengthen the regulation and improve the resilience of our financial systems.