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MPs to debate SARB ownership

Parliament’s Justice Committee says it’s concerned about statements made by Mkhwebane on recent investigations including one into the Estina Dairy Farm.

FILE: Reserve Bank Governor Lesetja Kganyago. Picture: EWN

CAPE TOWN – The South African Reserve Bank will be in the spotlight in Parliament on Tuesday as Members of Parliament (MPs) debate its ownership.

The debate will deal with the role, mandate and independence of the bank.

The ANC resolved at its December conference that the Reserve Bank should be nationalised.

Public Protector Busisiwe Mkhwebane added to the controversy when she recommended that the bank’s mandate be changed to focus on economic growth.

She subsequently retracted this.

Parliament's Justice Committee will also hear from Mkhwebane on her recent investigations and her call for more resources.

Parliament’s Justice Committee says it’s concerned about statements made by Mkhwebane on recent investigations, including one into the Estina Dairy Farm.

Today, Mkhwebane is expected to clarify the remarks and her need for extra resources.

MPs will today also be debating the role, mandate and independence of the Reserve Bank.

The central bank has in recent months come under close scrutiny following the Public Protector’s report in which she ordered Absa to pay R1.1-billion for an apartheid-era bailout provided to its predecessor Bankorp, by the Reserve Bank.

The North Gauteng High Court has since set aside that report and awarded costs to Absa and the Reserve Bank.