the combined impact of the worst power cuts in living memory and soaring interest rates, with another rise expected next month, has left small and medium firms as well as consumers at risk of default.is the fourth bank to raise concern power cuts have added to financial pressures after other South African lenders, Standard Bank, FirstRand and Nedbank Group, this month sounded the alarm.
According to Absa’s estimates, power cuts have shaved almost a percentage point from the country’s GDP According to Absa’s estimates, power cuts have shaved almost a percentage point from the country’s GDP. “It’s not the actual rate that worries us, it’s just that consumers need to adapt their monthly repayments quite quickly,” he said.
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