Lesetja Kganyago says Reserve Bank will not bow to pressure, political or otherwise
The Reserve Bank will not bow to any pressure, be it political or from the private sector, governor Lesetja Kganyago insists. At the Bank’s annual ordinary general meeting on Friday, Kganyago said: "The South African Reserve Bank has been in the spotlight for the past few weeks, mainly for the wrong reasons." Public Protector Busisiwe Mkhwebane, in her report on the Absa/Bankorp bail-out in June, made a recommendation that Parliament amend the Constitution to change the Bank’s mandate, from inflation targeting to ensuring the socioeconomic wellbeing of South Africans. Kganyago said the Bank would be heard on the matter in the high court next week. He said apart from the legality of the issue, and its relevance to the original complaint under investigation, "these developments have opened the door to a debate about the appropriateness of our mandate, and of the inflation-targeting mandate specifically". He reiterated the Bank’s constitutional mandate to protect the value of the curre...
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