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[LISTEN] Sarb & NPA respond to report into VBS Bank

Talk Radio 702 host Xolani Gwala speaks to Reserve Bank Governor Lesetja Kganyago about his reaction to the review of the South African GDP growth by the IMF and the report on VBS Bank.

JOHANNESBURG - Earlier in September, the International Monetary Fund (IMF) cut its forecast for South Africa’s growth for 2018 from 1.6% to 0.9%.

The IMF said they’re expecting the gross domestic product (GDP) to grow by 0.8% as opposed to the 1.5% they had announced in July.

Talk Radio 702 host Xolani Gwala speaks to Reserve Bank Governor Lesetja Kganyago about his reaction to the review of the South African GDP growth by the IMF and the report into VBS Mutual Bank.

“It [IMF announcement] is not a surprise as we, as the Reserve Bank this year, had to revise our growth for this year to 0.7%. That level of growth is not at the level that will enable us, as a country, to make a dent on the unemployment situation.”

While attending the IMF meeting in Indonesia, Kganyago says issues of uncertainty and the appointment of new finance minister.

Kganyago also addresses the biggest issue that has been making headlines across the country - the report into VBS Bank.

Kganyago says when they [Sarb] put the bank [VBS] under curatorship one of the things that they identified was that they needed to act swiftly.

The report has recommended that the implicated parties be referred to the National Prosecuting Authority (NPA) to be criminally charged.

For more information listen to the audio above.

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