Don't pay bonuses, Reserve Bank urges SA banks

07 April 2020 - 06:52 By Tiisetso Motsoeneng and Lukanyo Mnyanda
Prudential Authority head Kuben Naidoo said the recommendation would apply to banks irrespective of whether they took advantage of the earlier measures.
Prudential Authority head Kuben Naidoo said the recommendation would apply to banks irrespective of whether they took advantage of the earlier measures.
Image: SINO MAJANGAZA

The Reserve Bank has urged banks to halt dividend payouts and bonuses to shore up capital and continue lending to businesses and households pummelled by the national lockdown to contain the spread of Covid-19.

The recommendation, which is nonbinding, comes about a week after the central bank said it would allow lenders to dip into their regulatory capital reserves to support efforts to cushion the economic impact of the stay-at-home order on businesses and households.

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