Kuben Naidoo hails banks’ financial aid during economic shock

The take-up of credit through the Covid-19 crisis has been better than expected given the unprecedented economic shock and uncertainty about the future, Reserve Bank deputy governor Kuben Naidoo said.

The situation would “have been far worse” without central bank steps to support the economy, including cutting interest rates to the lowest level in almost half a century, Naidoo told Business Day.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Source: Financial Digest (financialdigest.net)

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