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ANC lekgotla resolves to expand mandate of Reserve Bank

The review of the mandate for the Reserve Bank was one of the ANC’s manifesto promises. In the document the party said the central bank should pursue a more flexible monetary policy regime aligned with the objectives of the party’s programmes.

The South African Reserve Bank. Picture: Supplied.

JOHANNESBURG - African National Congress (ANC) secretary-general Ace Magashule said the party's national executive committee (NEC) had agreed to expand the mandate of the South African Reserve Bank to focus on development and job creation.

Magashule briefed the media earlier on Tuesday following the party's NEC lekgotla this past weekend.

As it stands, the Reserve Bank's mandate is to maintain price stability.

The review of the mandate for the Reserve Bank was one of the ANC’s manifesto promises. In the document the party said the central bank should pursue a more flexible monetary policy regime aligned with the objectives of the party’s programmes.

Magashule said the ANC NEC had directed its deployees to make the promise a reality.

“The ANC NEC lekgotla agreed to expand the mandate of the South African Reserve Bank beyond price stability to include growth and employment.”

He said a task team must be put together to look at this.

“A task team to explore quantity easy measures to address intergovernmental debts to make funds available for developmental purposes.”

Magashule said this didn’t mean there would be any immediate changes at the Reserve Bank.

The bank’s governor Lesetja Kganyago has previously stressed that changing the mandate of the bank would mean changing the Constitution.