President Jacob Zuma has said government will \u201cadvise the South African public\u201d about unfolding developments where necessary around the outcome of the Brexit referendum.<\/p>\n
He also said South Africa would continue with strong trade and financial relations with Britain and the European Union.<\/p>\n
Just under 52% of the electorate in Britain voted on Thursday to leave the European Union.<\/p>\n
\u201cGovernment has noted the outcome of the referendum in Britain (Brexit),\u201d Zuma said in a statement issued by spokesperson Bongani Ngqulunga.<\/p>\n
\u201cIt will take two years for the institutional changes that this vote implies to be negotiated and we remain committed to retaining strong trade and financial relations with both Britain and the European Union.<\/p>\n
\u201cThe uncertainty that arises from this vote means that the volatility that has characterized capital markets in the lead-up to the vote may persist.\u201d<\/p>\n
According to the statement the National Treasury and the South African Reserve Bank have been in discussions with financial institutions and the possible implications for the local economy.<\/p>\n
\u201cOur banks and financial institutions are well positioned to withstand financial shocks to the system as demonstrated in previous episodes including the 2008\/09 global financial crisis.<\/p>\n
\u201cWe are therefore confident that our financial system including the banks and the regulatory framework are extremely resilient and reliable,\u201d Zuma said.<\/p>\n
\u201cThe Reserve Bank and the National Treasury are closely monitoring the unfolding developments and will advise the South African public where necessary.<\/p>\n
\u201cIn this context, our ongoing efforts as South Africans, government, business, labour and civil society to reignite growth become that much more urgent and critical.\u201d<\/p>\n
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