The presidency says that government has noted Britain’s decision to part ways with the European Union and says South Africa is well placed to withstand any financial shocks as a result of the split.

“It will take two years for the institutional changes that this vote implies to be negotiated and we remain committed to retaining strong trade and financial relations with both Britain and the European Union‚” the presidency said in a statement.

Also read: SA can withstand any shocks from Brexit‚ says presidency

“The uncertainty that arises from this vote means that the volatility that has characterised capital markets in the lead-up to the vote may persist.”

The National Treasury and the South African Reserve Bank have held discussions with financial institutions on the implications for the South African economy.

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“Our banks and financial institutions are well positioned to withstand financial shocks to the system as demonstrated in previous episodes including the 2008/09 global financial crisis. We are therefore confident that our financial system including the banks and the regulatory framework are extremely resilient and reliable‚” said the presidency.

“The Reserve Bank and the National Treasury are closely monitoring the unfolding developments and will advise the South African public where necessary.

“In this context‚ our ongoing efforts as South Africans‚ government‚ business‚ labour and civil society to reignite growth become that much more urgent and critical.”