Standard Bank’s Sim Tshabalala defends Reserve Bank mandate
CEO says claims the Bank’s mandate does not consider economic growth are ‘wrong’
Standard Bank CEO Sim Tshabalala has defended the Reserve Bank’s mandate less than a week after the ANC proposed changing it on the grounds that it does not sufficiently take into account the effect of monetary policy on economic growth.
In an interview with Business Day last Wednesday, the head of Africa’s biggest bank by assets said while debate about the central bank mandate was “legitimate”, claims it did not sufficiently consider economic growth and employment were “wrong”. Tshabalala dismissed what he called “moral panic” about the central bank mandate, adding that section 224 of the constitution already tasked the Reserve Bank with ensuring sustainable economic growth...
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