20°C / 22°C
  • Mon
  • 21°C
  • 9°C
  • Tue
  • 21°C
  • 10°C
  • Wed
  • 20°C
  • 10°C
  • Thu
  • 19°C
  • 8°C
  • Fri
  • 18°C
  • 6°C
  • Mon
  • 19°C
  • 14°C
  • Tue
  • 15°C
  • 10°C
  • Wed
  • 14°C
  • 9°C
  • Thu
  • 15°C
  • 11°C
  • Fri
  • 18°C
  • 9°C
  • Mon
  • 23°C
  • 10°C
  • Tue
  • 24°C
  • 11°C
  • Wed
  • 23°C
  • 10°C
  • Thu
  • 22°C
  • 8°C
  • Fri
  • 20°C
  • 8°C
  • Mon
  • 22°C
  • 7°C
  • Tue
  • 22°C
  • 6°C
  • Wed
  • 23°C
  • 7°C
  • Thu
  • 22°C
  • 5°C
  • Fri
  • 20°C
  • 3°C
  • Mon
  • 25°C
  • 16°C
  • Tue
  • 23°C
  • 16°C
  • Wed
  • 19°C
  • 15°C
  • Thu
  • 21°C
  • 13°C
  • Fri
  • 20°C
  • 12°C
  • Mon
  • 21°C
  • 14°C
  • Tue
  • 16°C
  • 9°C
  • Wed
  • 14°C
  • 8°C
  • Thu
  • 15°C
  • 10°C
  • Fri
  • 18°C
  • 10°C
  • Mon
  • 17°C
  • 10°C
  • Tue
  • 13°C
  • 5°C
  • Wed
  • 15°C
  • 4°C
  • Thu
  • 15°C
  • 5°C
  • Fri
  • 19°C
  • 6°C
  • Mon
  • 18°C
  • 12°C
  • Tue
  • 14°C
  • 8°C
  • Wed
  • 14°C
  • 6°C
  • Thu
  • 14°C
  • 8°C
  • Fri
  • 18°C
  • 7°C
  • Mon
  • 24°C
  • 9°C
  • Tue
  • 25°C
  • 9°C
  • Wed
  • 25°C
  • 9°C
  • Thu
  • 24°C
  • 7°C
  • Fri
  • 22°C
  • 6°C
  • Mon
  • 23°C
  • 3°C
  • Tue
  • 22°C
  • 5°C
  • Wed
  • 23°C
  • 4°C
  • Thu
  • 15°C
  • 1°C
  • Fri
  • 18°C
  • 0°C
  • Mon
  • 27°C
  • 8°C
  • Tue
  • 32°C
  • 8°C
  • Wed
  • 19°C
  • 9°C
  • Thu
  • 29°C
  • 8°C
  • Fri
  • 20°C
  • 7°C
  • Mon
  • 19°C
  • 13°C
  • Tue
  • 15°C
  • 7°C
  • Wed
  • 12°C
  • 6°C
  • Thu
  • 14°C
  • 9°C
  • Fri
  • 17°C
  • 8°C

Sarb: Application to overturn Mkhwebane’s remedial action ‘urgent’

The Reserve Bank has argued that the remedial action ordered by the Public Protector to have its mandate changed had a damaging effect on the country.

The High Court in Pretoria hears the case into Public Protector Advocate Busisiwe Mkhwebane’s findings over the mandate of the Reserve Bank. Picture: Clement Manyathela/EWN.

JOHANNESBURG - The South Africa Reserve Bank (Sarb) has told the High Court in Pretoria that it's application for the court to officially overturn the Public Protector's remedial action regarding the mandate of the central bank is urgent.

This is because there have been immediate and dramatic consequences for the economy.

In her report on the Absa’s Bankorp bailout, Busisiwe Mkhwebane requested Parliament to change the mandate of the Reserve Bank from protecting the value of the rand.

Mkhwebane has already abandoned her own findings, saying that she will not defend the bank's application in court.

The Reserve Bank has argued that the remedial action ordered by the Public Protector to have its mandate changed had a damaging effect on the country.

The bank's legal council, Advocate David Unterhalter, has told the court that there were harmful consequences for the country's economy, including warnings of further downgrades by ratings agencies who were concerned about the independence of the central bank.

He says Mkhwebane grievously failed to appreciate that Parliament, and not other officials - even the Public Protector, has a role to play in suggesting or seeking to determine the amendment of the Constitution.

The bank wants Judge John Murphy to satisfy himself that the Public Protector's remedial action is unlawful and illegal and therefore must be officially set aside.

APOLOGY?

The Bank has questioned why the Public Protector failed to apologise or even express regret for the consequences that followed her remedial action.

Unterhalter says the Central Bank would have appreciated it if she apologised for what her “reckless actions have cost the country's economy”.

“No recognition, acknowledgment or even a slight apology for the fact that reckless action that she has taken.”

He says the Public Protector should have alerted the Reserve Bank on her intention when she sent them her provisional report.

“Just to get some sense of what might flow from an action of this radical and destabilising kind.”

The bank told the court its surprised that Mkhwebane persisted to justify the same remedial action she acknowledged to be unlawful in her affidavit.

Judgment has been reserved.

(Edited by Winnie Theletsane)