South African Central Bank Sounds Alarm on Threat of Sanctions

South Africa’s central bank has warned of dire consequences should the country face censure due to its stance on Russia’s invasion of Ukraine.

At worst, secondary, or indirect sanctions could be imposed on the country and lead to a sudden halt to capital inflows and increased outflows, the bank said in its latest financial stability review published on Monday. It cautioned that South Africa’s financial system would be unable to function if its ability to make international payments in dollars was impeded.

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