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,

$($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$).$