In 2006, market capitalisation in subSaharan African countries was $ 87 billion, with South Africa accounting for 62% of this amount. Local bond markets in this region also vary widely in size and structure. Foreign debt in relation to total debt is still high, the investor base quite narrow, and the maturity structure of government debt very short-term. Corporate bond markets are lacking.
The microprudential work of the SCC is one part of our efforts to take into account climate-related risks in carrying out the responsibilities Congress has assigned to  Federal Reserve Bank of New York, “Kevin Stiroh to Step Down as Head of New York Fed Supervision to Assume New System Leadership Role at Board of Governors on Climate,” news release, January 25, 2021, https://www.newyorkfed.org/newsevents/news/aboutthefed/2021/20210125.