The SARB prefers a risk-based approach to supervision and applies the principle of proportionality as an integral part of its regulatory and supervisory frameworks. Additional reporting requirements are imposed on banks as and when necessary. The requirements specified in the Basel Standards remain the minimum regulatory requirements for all South African banks, with the exceptions previously mentioned.
We stand by our primary mandate of promoting price stability conducive to a balanced and sustainable growth of the economy. In a moment, we will provide you with a more detailed discussion of the factors behind the Monetary Board’s recent decisions and its assessment of price and output conditions.