Gigaba: Reserve Bank's independence must be protected

Finance Minister Malusi Gigaba says that he is still studying the Public Protector's full report and that it is too early to say whether he'll support the bank's decision to take it on review.

FILE: Finance Minister Malusi Gigaba. Picture: Reinart Toerien/EWN

JOHANNESBURG - Finance Minister Malusi Gigaba says the independence of the Reserve Bank must be protected and no decision must be taken that seeks to undermine it.

Gigaba was speaking to Bloomberg in London following the Public Protector's finding that the Reserve Bank's monetary policy should be changed.

Advocate Busisiwe Mkhwebane’s decision received widespread criticism, including from African National Congress secretary general Gwede Mantashe who said that she was overreaching her powers.

Gigaba says that he is still studying the Public Protector's full report and that it is too early to say whether he'll support the bank's decision to take it on review.

“To change the Constitution is not unlawful, but the manner in which the recommendation is being made given that these are two independent institutions …. They will provide us information on the way forward.”

Mkhwebane has defended her decision, saying that it is up to the courts to decide whether she has stepped out of her mandate.

(Edited by Shimoney Regter)