Finance Minister Malusi Gigaba reaffirmed his support for the Reserve Bank’s independence of on Friday, and the ANC added its voice. Gigaba said the public protector had overstepped the mark this month in suggesting changes to the Bank’s inflation-targeting mandate. The public protector’s call for an overhaul of the Bank’s mandate rattled investors, hit the rand and exposed worsening divisions between state institutions. "The public protector does not have the power to direct Parliament to amend the Constitution," Gigaba told business leaders at the start of the ANC’s policy conference. "These recommendations should have been directed at the finance ministry. We should all insist on the independence of the Reserve Bank." Hours later, ANC treasurer-general Zweli Mkhize said the party did not believe the public protector had the power to ask Parliament to change Bank's mandate, clarifying that the party’s position matched Gigaba's. Earlier this month, investors took flight when Public...
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