Arab Today, arab today moody\s warns south africa on unsecured lenders
Last Updated : GMT 23:12:12
Arab Today, arab today
Arab Today, arab today

Moody\'s warns South Africa on unsecured lenders

Arab Today, arab today

Arab Today, arab today Moody\'s warns South Africa on unsecured lenders

Johannesburg - AFP

Moody\'s rating agency on Monday warned South African banks and other lenders which issue loans without collateral face a bumpy time ahead as the economy wobbles and labour unrest continues. Moody\'s warned that unsecured lenders -- which are dominant in mining communities -- would be particularly badly hit over the next 12-18 months. \"We expect higher delinquencies from employees in the gold and platinum mining sector, and the agricultural sector, which have been hardest hit by labour unrest and strikes,\" Moody\'s said in a statement. The mining sector in particular faces the prospect of large scale layoffs which could cripple workers\' ability to repay loans. Unsecured finance to workers in these sectors account for as much as seven percent of all loans in the country. The role of payday and other unsecured lenders was recently exposed amid recent violent mining unrest, with miners\' demands for massive pay increases in part fuelled by the need to repay exorbitant loan interest. The government had vowed to clamp down on such lenders, after a boom fuelled by low interest rates and a rise in nominal wages. According to official March statistics 16.6 percent of unsecured loans are non-performing, versus 14.2 percent in the same month a year before.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today moody\s warns south africa on unsecured lenders Arab Today, arab today moody\s warns south africa on unsecured lenders

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today moody\s warns south africa on unsecured lenders Arab Today, arab today moody\s warns south africa on unsecured lenders

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday