South Africa Plans for Payments Continuity If Power Grid Buckl | South Africa Reports

South Africa Plans for Payments Continuity If Power Grid Buckles

South Africa’s central bank is working on a contingency plan to ensure the country’s payments system remains in operation in the event the nation’s electricity grid collapses.

The South African Reserve Bank and other financial markets regulators including the operator of the Johannesburg Stock Exchange are working on the strategy to ensure the orderly closing and reopening of markets, Deputy Governor Kuben Naidoo said on Monday.

“All of that work is ongoing and we are working quite closely with the telecommunications sector, with diesel suppliers, banks payments industry, with retailers to ensure that we can gradually raise the resilience of the financial sector,” he said in Johannesburg on Monday.

While a total system collapse is unlikely to occur, it is not impossible, Naidoo said. The financial sector is doing all it can to try and prevent chaos, prevent panic and enhance the system’s resilience, he said.

https://www.bloomberg.com/news/articles/2023-05-30/south-africa-plans-for-payments-continuity-if-power-grid-buckles

https://archive.ph/oXzEt