Lesetja Kganyago: Remarks - Johannesburg Stock Exchange and the New York Stock Exchange Market Close event

Remarks by Mr Lesetja Kganyago, Governor of the South African Reserve Bank, at the Johannesburg Stock Exchange (JSE) and the New York Stock Exchange (NYSE) Market Close event, New York City, 10 October 2022. 

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

Good afternoon distinguished guests, investors, members of the media, South African delegates, and New York Stock Exchange representatives.

It is a privilege to address you here today, following the signing of a new memorandum of understanding (MoU) between the Johannesburg Stock Exchange (JSE) and the New York Stock Exchange (NYSE).

This new MoU will foster closer ties between the two markets, and is aimed at increasing economic partnerships and trade opportunities. It is encouraging that the JSE and NYSE will continue to explore new areas of cooperation and collaboration in strengthening their value propositions for their respective markets.

South Africa shares significant economic interests with the United States (US). South Africa is the US's largest African trading partner and has the most diversified and industrialised economy on the continent. Despite the rapid growth in Asian economies, the US remains one of South Africa's top five main trading partners. 1 In 2021, US exports to South Africa totalled US$5.5 billion − a 25.8% increase from 2020, while US imports from South Africa totalled US$15.7 billion − a 38.5% increase. There are approximately 600 US businesses operating in South Africa and many use South Africa as their regional headquarters, 2 and a springboard for greater opportunity on the African continent.