SA Reserve Bank is making contingency plans in case of a total grid collapse

Phuti Mosomane

Reports say the South African Reserve Bank and other financial market regulators including the Joburg Stock Exchange are making contingency plans for a total grid collapse.

The Deputy Governor of the Reserve Bank Kuben Naidoo is quoted as saying the financial sector is working on a plan to ensure the orderly closing and reopening of markets after the total shutdown.

“All of that work is ongoing, and we are working quite closely with the telecommunications sector, with diesel suppliers, the banks’ payments industry, and retailers to ensure that we can gradually raise the financial sector’s resilience,” he said in Johannesburg on Monday.

This announcement comes weeks after the EFF’s CIC Julius Malema warned that South Africa is headed for a complete grid collapse and there were denials all round.

Even President Ramaphosa came out and assured South Africans that they would be the first ones to know when