Market structure (a)  Four out of five large nationalised commercial banks have been privatized while fourteen private domestic and eighteen foreign banks were allowed to enter the banking sector. State ownership of banking assets has declined from 92 per cent in 1992 to 20 percent at present.
And the extent of the impact that the normalization of monetary policies in the advanced economies could have on emerging-market assets, including the rand and domestic securities, is still unclear. Even in a relatively favourable scenario – where confidence gradually improves, inflation remains moderate, and the output gap gradually closes – structural factors are likely to limit the scope for a meaningful growth pickup.