The banking sector is in continuing discussions with regulatory authorities about the industry’s response to the spread of the coronavirus, Banking Association SA MD Cas Coovadia said on Tuesday.
The SA government does not have the fiscal space to carry out a large fiscal stimulus, Abedian told Business Day. And monetary policy or a deep cut to interest rates by the Reserve Bank, though it has a part to play, cannot “be the beginning and the end of the intervention”, he said. Some local firms are seeing more demand for their goods as a result of the crisis — such as makers of hygiene products — but do not have the capital to expand their operations. Banks should proactively be offering them credit on more favourable terms, Abedian argued.
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Banking industry ‘can’t afford not to act’, says association MD Cas CoovadiaSA’s largest banks need to set up a ‘war room’ to co-ordinate a stimulus package aimed at restoring the country’s supply chain We need a banking holiday like the UK! There is a huge disaster looming!
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