South Africa's economic woes domestic, downgrade risks high – deputy SARB governor

South African deputy central bank governor Kuben Naidoo said on Tuesday domestic factors are the main cause of a frail economy and the risk of further credit downgrades is "quite significant". Painting a bleak picture during a monetary policy forum in Cape Town, Naidoo said a downgrade to South Africa's local currency rating, which could see it fall out of crucial bond indices, could cost $8-billion to $12-billion in lost investment.