appropriately to ensure that inflation expectations remain anchored. let me now focus on the sarb ’ s other mandate and operational matters. securing financial stability besides ensuring price stability, the sarb is also tasked with maintaining stability in the financial system. despite the shock of the covid - 19 pandemic, south africa ’ s financial sector remains resilient. during the year under review, a few financial stability risks and vulnerabilities emerged. these included the low growth environment, rising inflation, the cost implications of the july 2021 unrest for the financial sector, climate - related risks, and the geopolitical tensions between russia and ukraine. work towards crisis preparedness and resolution is continuing. the financial sector laws amendment act 23 of 2021 ( fsl amendment act ) was enacted earlier this year. the fsl amendment act gives the sarb the powers to act as a resolution authority and establishes the corporation for deposit insurance ( codi ). the establishment of a deposit insurance scheme will contribute to improving confidence in banking institutions. this will also put south africa on par with its international peers and further align its financial sector to the principles of international standard - setting bodies. operational matters the national payment system forms a core part of the financial intermediation infrastructure that enables financial institutions, businesses and consumers to make page - 8 - of 13 payments and settle their obligations seamlessly. the review of the applicable legislation and the modernisation of payment system infrastructure has been in the pipeline and forms part of the payment system ’ s vision 2025. the evolution of payment technologies over the last few years has made the modernisation of both retail and wholesale system infrastructures a key priority. a number of initiatives are currently underway, including a review of the national payment system act 78 of 1998 and the payment system modernisation initiative. this initiative encompasses the payment settlement system renewal programme and the retail payment system reforms that include the rapid payments programme. the launch of the real - time gross settlement ( rtgs ) system renewal programme aims to reform and modernise both domestic and regional payment settlement services. the programme will facilitate wider access to the payments system, improve efficiency by leveraging new technology, and address the security risks posed by cyber - threats. it will also enhance payment services provision and address the challenges of access, speed, cost and transparency of payments for both payment service providers and consumers. financial technology ( fintech ) has advanced significantly, and we are seeing a wave of innovation in the provision of financial services that in many instances falls

t t mboweni : the benefits of being a good host – the fifa world cup and the south african economy address by mr t t mboweni, governor of the south african reserve bank, at the corporatesport directors ’ dinner, johannesburg, 20 march 2007. * * * honoured guests ladies and gentlemen : 1. introduction it is not often that i land up sharing the podium with someone like mr jake white, coach of our national rugby team. after all, what does a sports coach and a central bank governor have in common? this is probably a question that some of you are currently pondering over. perhaps, one common aspect centres around the target that both of us have. for mr white it is to win matches and tournaments, while in my case it is to ensure that inflation remains within the target range. there is a subtle difference however. as long as mr white meets his target, then everyone is happy ( apart from the opposition ). meeting the inflation target does not necessarily keep all south africans happy – this is particularly evident when we have to increase interest rates in order to keep inflationary pressures in check. consumers, and usually the highly indebted ones, always complain when there are increases in interest rates while pensioners argue that it is a case of too little too late. so the issue of whose job is easier is still very much an open question. however, i am definitely not going to get involved in a scrum or a lineout with jake in order to answer this question. i have no intention of giving away a penalty, being sin - binned or being cited afterwards. whatever the case, i do not think that we should swap roles. i don ’ t know how mr white would do as a central banker, but i am certain that the national team is better off not having me as their coach. i feel on safer ground sharing a platform with mr tim modise. both of our jobs involve communication, and he communicates on behalf of a sport that i passionately follow. i am an ardent kaizer chiefs supporter, but regrettably we will have to wait till next year for renewed league glory. i am pleased at least that if it is not my team that is leading the pack, it is a team from tshwane where the bank is based. i will leave rugby to mr white, and let me rather use this occasion to highlight some of the economic benefits for south africa of hosting major international events, in particular sporting events