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Gigaba assures banks of policy stability - BASA

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Cape Town – The new Finance Ministry has assured the Banking Association of South Africa (BASA) that there will not be a shift in policy, BASA managing director Cas Coovadia said in a statement.

New Finance Minister Malusi Gigaba said he was committed to addressing the economic environment the country finds itself in after the recent credit ratings downgrade, said Coovadia. The leaders of South Africa’s banks - including Coovadia and the CEOs of Standard Bank, Absa, Nedbank, FirstRand and Investec, as well as the CEO of Deutsche Bank who represented international banks in South Africa - met with Gigaba, his deputy Sfiso Buthelezi and senior officials from National Treasury on Wednesday.

READ: Gigaba now faces stark economic realities - financial expert

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