The impact of Brexit on South Africa’s direct trade links with the United Kingdom are expected to be minimal but Africa’s most industrialised country will be indirectly affected by heightened market volatility, Central Bank Deputy Governor Daniel Mminele said on Wednesday.
“The UK’s present and future are now riddled with uncertainty, naturally accompanied by a flight to safety,” Mminele said in a speech posted on the bank’s website.
“For South Africa, the implications through direct trade links are expected to be relatively minimal. In 2015, the UK accounted for only 4 percent of our total merchandise exports.”
(Reporting by Olivia Kumwenda-Mtambo; Editing by James Macharia)