EDITORIAL: Cheap shots against the banks damage the economy (what’s left of it)
SA’s sound financial system and its strong and well-regulated banks have been one of the few bright spots
There is something disgraceful, even dangerous, about the way certain politicians are using the Competition Commission’s case against the banks for cheap electioneering. Worse, it seems to reflect such ignorance on their part about the way an economy works that one can only fear for the government’s ability to get growth going.
Minister in the presidency Khumbudzo Ntshavheni led the charge last Monday when she used the post-cabinet briefing to claim that the settlement the commission reached with Standard Chartered was evidence that the banks had manipulated the rand to collapse the economy and that the private sector had no interest in SA’s development. EFF and ANC MPs took up the cudgels in parliament on Friday...
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