Last updated: 24 April 2020
A nation working together
A nation working together
24
Apr
Posted by: Abri de Beer
Category:
Covid-19, Credit
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The evening of 23 March 2020 will be etched in every South African’s memory for years to come. This was the evening on which the president of South Africa declared a 21-day national lockdown, which will start from midnight on the 26 of March 2020.
The first blog in this series, titled “Maybe a holiday is just the medicine we need?”, looked at what the world was doing to soften the impact of the pandemic on the mortgages market. This blog was posted on the 20th of March 2020. Over the past few days however, things have changed at lightning speed as the South African Government and Banks now introduce a raft of policies to protect the credit market during this unprecedented time. We intend to track these in this rolling blog during the coming weeks.
The aim of this blog post is to give a brief overview of what interventions are being formulated not just for the mortgage market but the whole South African credit sector.
Figure 1: Timeline of credit sector interventions in South Africa
Authors: Abri de Beer
Sources
Business Insider SA, 2020. Coronavirus: Nedbank offers to help struggling clients, with debt holidays or more credit [WWW Document]. Business Insider SA. URL https://www.businessinsider.co.za/coronavirus-nedbank-offers-help-to-struggling-clients-including-debt-holidays-or-more-credit-2020-3 (accessed 3.24.20).
Bussiness Day, 2020. EDITORIAL: Reserve Bank’s proposal could keep credit flowing [WWW Document]. Bussiness Day. URL https://www.businesslive.co.za/bd/opinion/editorials/2020-03-30-editorial-reserve-banks-proposal-could-keep-credit-flowing/ (accessed 4.2.20).
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