FirstRand’s prudent lending strategy shields against bad loan surge post-Covid
FirstRand Ltd., South Africa’s largest bank by market value, took a cautious lending approach post-Covid, avoiding a surge in bad loans plaguing competitors.
FirstRand Ltd., South Africa’s largest bank by market value, took a cautious lending approach post-Covid, avoiding a surge in bad loans plaguing competitors.
It should cause South Africans concern that the government is receiving loans from the World Bank to support its economic recovery plan.
The time is right to snap up “bargains” in financial markets following a widespread sell-off, according to investing guru Howard Marks.
SA is cash-strapped and the economy is not firing on all cylinders. Treasury DG Dondo Mogajane gives a breakdown of the latest R11.4bn loan from the World Bank.
The New Development Bank approved a $1bn emergency loan for SA to support govt efforts to contain the economic impact of the Covid-19 pandemic.
SA will borrow from multilateral institutions and draw on sterilisation deposits it holds with the SARB to help finance a budget deficit.
As usual, the more one requires a loan, the less chance there is of receiving one. Banks pay little or no cognisance to the government surety.
South Africa received the $1 billion emergency loan that it secured from the New Development Bank to assist in fighting the Covid-19 pandemic on July 20.
South Africa secured a loan of about R5 billion from the African Development Bank to assist with fighting the coronavirus pandemic.
The FSCA warns that crooks are trying to offer low interest loans by pretending to represent Stanlib Wealth Management (Pty) Ltd.