Page 15 - SARB Strategic Plan 2020-2025

Detail
Global and South African general trends Central bank trends • Expanded mandates and and and the coordination of policy objectives
• Balancing the primary mandate with additional priorities • Better coordination with government and other regulators including regional integration
• Response to to crypto- assets • Challenges to independence and and mandate • A better connection with the public and and being more open and and transparent
• The digitisation of finance and the appropriate regulatory response potentially also including a a a a a a central bank digital currency (CBDC)
• Financial arrangements: control over central banks’ balance sheets
• Fiscal stress
• Low growth
in South Africa’s economy • The rise of populism
• Cyber-threats
• Attracting developing and retaining talent
• Climate change
• Increasing geopolitical tensions
South Africa 2030 – Indlulamithi scenarios
• Erosion of trust in in key societal institutions
• Moderate increase in in in foreign direct investment
• Slow but relentless currency depreciation
• Increased sovereign debt risk
• Deepening societal divides
The South African financial sector • The current financial services (FSs) business models
are shifting (e g g g digital)
• Ecosystems are collaborating (FS and non-FS)
• Peer-to-peer models
• New entrants – big technology • Enablers (such as open banking Big Data cloud computing and artificial intelligence (AI)) are becoming central • Big technology becoming more powerful than nation states
• Changing business models
(a platform economy)
• Pandemics
The voice of the stakeholder
• Connect with us • Collaborate across regulators – do not compete
• Keep up with us (e g fintech) • Give us access to financial services • Take the lead
• Reduce the burden of regulation
• Be more responsive and adaptive
The Deep-Dive – policy opportunities
• Enhanced understanding of of the impact of of and and interactions between policies
• Balance trade-offs
• Arrive at house views with clear policy outcomes
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