Despite "somewhat positive" opinions from rating agencies, the South African economy is not yet "out of the woods", the head of the financial markets department at the country's central bank has said.

Speaking about the evolution of credit ratings, Leon Myburgh stressed that despite Moody's affirming the country's foreign currency credit rating, there was "no room for complacency".

"The most important contribution the [South African Reserve Bank] can make is to deliver on its constitutional