Ramaphosa Speaks Out On SA Reserve Bank Mandate Following Public Anger

South African president, Cyril Ramaphosa yesterday said that the South African Reserve Bank, saying its mandate has not been expanded. This followed the public spat over the role of the central bank.

His remarks also come as there were contradicting public statements over the role of the central bank by senior ANC officials. ANC secretary-general Ace Magashule announced during a media briefing on Tuesday that the ANC NEC lekgotla had resolved to “expand the mandate” of the central bank. The contradiction is said to have prompted a meeting of the ANC top yesterday.

Ramaphosa disclosed that the meeting resolved that the policy of the ANC on the central bank remained unchanged. He said:

The officials emphasised the policy positions of the ANC on the independence and role of the SA Reserve Bank as set out in the constitution of the Republic of South Africa.

The constitution . . . sets the role of the Reserve Bank as protecting ‘the value of the currency in the interest of balanced and sustainable economic growth.

It further states that this mandate must be exercised in regular consultation with government, through the cabinet minister responsible for national financial matters. This policy has not changed.

It is our desire for the SA Reserve Bank to be publicly owned. However, we recognise that this will come at a cost which, given our current economic and fiscal situation, is simply not prudent.

More: The Herald


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