The rand was trading at R12.97/$ at 7am on Friday, back under R13/$ after Parliament issued a statement on Thursday night saying it believed Public Protector Busisiwe Mkhwebane’s order to change a clause in the Constitution safeguarding the Reserve Bank’s independence was unlawful. "Parliament will accordingly initiate a court application to have this remedial action set aside on the basis of its unconstitutionality," a statement from Parliament said. In her report on Absa’s role in Bankorp’s bail-out 30 years ago, Mkhwebane wrote: "The chairperson of the portfolio committee on justice and correctional services must initiate a process that will result in the amendment of section 224 of the Constitution‚ in pursuit of improving socioeconomic conditions of the citizens of the republic." Parliament said Mkhwebane was attempting to usurp its powers in contravention of the Constitution, which guaranteed the right of "the Assembly to control its internal arrangements‚ proceedings and proc...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.