In pursuing its statutory mandate, the South African Reserve Bank follows a structured framework designed to gather information and monitor developments; assess financial stability; and communicate its assessment through the Financial Stability Review (FSR). As such, analyse the key risks to financial stability in South Africa as outlined in the FSR as:

(i) a sharp repricing in government debt,

(ii) capital outflows and declining market depth and liquidity,

(iii) an insufficient and unreliable electricity supply, 2

(iv) fallout from geopolitical risks, and

(v) remaining on the Financial Action Task Force (FATF) greylist for longer. (Financial Stability Review 2023, South African Reserve Bank).