Corruption Watch: Mkhwebane SARB recommendations ‘out of line’
The Public Protector says the bank's monetary policy should change and it should no longer focus on protecting the value of the currency.
JOHANNESBURG – Corruption Watch says Public Protector Busiswe Mkhwebane is way out of line by recommending that the mandate of the South African Reserve Bank (SARB)'s monetary policy should change.
On Monday Mkhwebane said that SARB had failed in its duties to protect the public by not ensuring that Absa bank repaid an apartheid-era bailout given to failed bank Bankcorp.
But she also said the mandate of the bank's monetary policy should change and it should no longer focus on protecting the value of the currency.
Mkhwebane says it's up to the courts to decide if she's overreached her mandate.
Corruption watch's David Lewis said: “How the Public Protector thought she had the legal power to do this or, frankly, the economic knowledge to intervene in what has been and what remains a major debate in all in monetary policy all over the world. God only knows how she got to those conclusions, but she is way out of line.”
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