The World Economic Forum this week rated South Africa’s banks the 15th most secure out of 134 countries rated, beating even Switzerland (16th), Germany (39th), the US (40th) and Britain (44th). “That is a very important accolade,” Manuel said, adding that strict bank regulation was among measures that had built confidence in South Africa’s financial system. “I think the storm will pass us by, I think the storm (will pass) Africa by. Having said that, among the issues that we will see in the tail of the storm is the confirmation of substantially lower growth across the world in the period ahead.”
