SA treasury, banks fear SWIFT loss, Sowetan says

South Africa’s National Treasury and the heads of its top banks discussed the risk the country may be cut off from SWIFT, the international payments system, if US lawmakers impose sanctions, Sowetan reported.

American lawmakers are considering a bill seeking a full review of South Africa’s relations with Washington, alleging Pretoria supports the US’ adversaries. The draft legislation, proposed by Texas Republican Ronny Jackson in April, alleges the African nation abandoned its relationship with the US to align with China, Russia, Iran and “terrorist organisations” and provides the tools necessary to censure “corrupt” officials.

Finance Minister Enoch Godongwana met with bank executives to discuss the impact of potential sanctions on the payments system and economy, the Johannesburg-based newspaper said, citing people it didn’t identify. The meeting took place during the Banking Association South Africa’s directors gathering on Friday, a representative for Godongwana told the paper, declining to say what was discussed.

Relations between Washington and Pretoria have deteriorated since President Donald Trump returned to the White House in January. Trump’s administration has frozen US aid to South Africa after falsely claiming the nation has seized the land of White farmers and over its genocide case against Israel in the International Court of Justice.

It has also imposed trade tariffs of 30%, the highest in sub-Saharan Africa, on many goods South Africa ships to the world’s biggest economy.

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