Browsing: South African Reserve bank interest rate

• The South African Reserve Bank has established South Africa’s first deposit insurance body, the Corporation for Deposit Insurance (CODI) to protect bank depositors and bring confidence to a resilient financial sector.
• The CODI became a legal entity as of March 24, 2023, as set out in the commencement schedule published by Finance Minister Enoch Godongwana.
• CODI’s primary responsibilities are to establish, maintain and administer a deposit insurance fund.

South Africa’s first deposit insurance institution, the Corporation for Deposit Insurance (CODI), has been established by the South African Reserve Bank. This move aims to protect bank depositors and increase confidence in the country’s financial sector, especially in the aftermath of the Silicon Valley Bank collapse in the United States of America, which caused a financial crisis due to liquidity risk. As a result, more regulators have moved to secure depositors’ money.

The CODI has been tasked with establishing, maintaining, and managing …