Essay Banking and Financial System

3347 Words Sep 6th, 2011 14 Pages
Banking and Financial Systems SOUTH AFRICA

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Summary

Introduction page 3

I) Executive Summary. page 4

II) The Financial System: page 4

A) The Banking System page 5

B) The Financial Market page 7

III) The Legal Side: page 7

A) Legal Framework page 7

B) Regulatory Oversight page 8

IV) Depository-Taking Institutions. page 9

V) Banking Issues and Challenges Prospect. page 10

Conclusion page 12

Sources page 12

Annexes page 13

Introduction

For years ago, South Africa has been facing a lot of racial, political and
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Despite government efforts, beyond these four economic centers, the majority of South Africans are poor and living in very bad situation due to a very bad economic and social situation.
The South African rand (ZAR) is the most actively traded emerging market currency in the world. The rand has since recovered, trading at 7.34 ZAR to the dollar as of November 2009.
To conclude, the main international trading partners are Germany, the United States, China, Japan, the United Kingdom and Spain.
I). Executive Summary:

According to the World Economic Forum and its 2010 World Competitiveness Report published last week, South Africa has the fifth best financial system in the world. For that, the country had to go along with a financial mutation in 1994 and the election of Nelson Mandela as president. Since this year, banking and financial businesses have admitted the necessity of “playing the game” and are very attentive about government’s preoccupations’. The financial and especially the banking world, which is influenced by the Anglo-Saxon way, are controlled by a central bank. This last, works closely with the government and seems very satisfied with the set in order of public finances. In addition to that, the monetary and tax discipline (very strict); is done in an overall good quality atmosphere.

The deep stability of the financial system vis-à-vis the irregulars movements of the “Rand” associated with the

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