Public Protector Busisiwe Mkhwebane. Picture: SUPPLIED
Public Protector Busisiwe Mkhwebane. Picture: SUPPLIED

In an astounding move, Public Protector Busisiwe Mkhwebane on Monday recommended that the Reserve Bank’s constitutional mandate be changed from protecting the value of the rand to a focus on the protection of “citizens’ socio-economic wellbeing”.

The announcement sent the rand into a tailspin, with the local currency quickly weakening more than 2% against the dollar.

Tampering with the mandate of the central bank is viewed extremely negatively by investors and credit ratings agencies, and as a threat to investment security.

The recommendation is contained in Mkhwebane’s report into the government’s failure to recover apartheid-era funds extended to Bankorp, which was bought by Absa in 1992.

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