SA committed to strong trade, financial relations with Britain: Zuma

South Africa remains committed to retaining strong trade and financial relations with both Britain and the European Union (EU), South African President Jacob Zuma said on Friday.

He was responding to the outcome of Britian's referendum to exit from the EU.

The SA government has noted the outcome of the referendum in Britain, Zuma said.

It will take two years for the institutional changes that this vote implies to be negotiated, said Zuma.

The uncertainty that arises from the vote means that the volatility that has characterized capital markets in the lead-up to the vote may persist, according to Zuma.

The National Treasury and the South African Reserve Bank (SARB) have been in discussions with financial institutions on the possible implications for the South African economy, Zuma said.

"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," he said.

"We are therefore confident that our financial system including the banks and the regulatory framework are extremely resilient and reliable," he added.

The SARB and the National Treasury are closely monitoring the unfolding developments and will advise the South African public where necessary, Zuma said.

"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," he added. Endit