South Africa’s central bank confirmed that it is in talks with the National Treasury to find a way to tap contingency reserves to fund the country’s growing budget deficit.
“We are engaged with the Treasury,” Governor Lesetja Kganyago told reporters on Thursday after the monetary policy committee held rates steady. “We have also brought in international expertise to engage on these matters,” including how to deal with with the capital position of the bank, he said.
Read More : South Africa’s Central Bank Affirms Talks on Utilizing Reserves