Fitch Ratings says South Africa's four largest banks benefited from regional diversification and reported growing earnings in 2018 despite challenging conditions back home. Contributions from regional subsidiaries are likely to increase in 2019, driven by recovery in key African markets, offsetting weaker growth and performance in South Africa.
South Africa's central bank kept its benchmark repurchase rate steady at 6.75 percent despite a lower outlook for economic growth and a decline in inflation as three members of its monetary policy committee voted to maintain the rate while two members voted to cut by 25 basis points.
Fitch Ratings has affirmed South Africa's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook.
South African Reserve Bank increased the repurchase rate by 25 basis points to 6.75 percent per annum on Thursday for the first time in two years.
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