The rand was weaker against hard currencies shortly before midday on Tuesday, as the local unit was once again put on the back foot after comments by ANC officials. The party said control of the budget should be moved to the Presidency from the Treasury, which brought rand gains to a halt, Nedbank Corporate and Investment Analysts said. ANC officials had, however, clarified that the Treasury was meant to be tractable when it came to state priorities. The Treasury should remain a core institution for budgeting but should be better placed along with other ministries, to align its role with developmental objectives‚ officials said. The ANC had proposed in policy documents ahead of the conference that the Presidency improve its status as the strategic centre of governance. This would mean serving as the central driver for resource planning and co-ordination of state policy On Monday, Public Protector Busisiwe Mkhwebane also backed off from her proposal have the constitutional mandate of...
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