Protector backs down on Reserve Bank’s mandate
Busisiwe Mkhwebane consents to the Reserve Bank’s application to set aside remedial action, bowing to pressure by the Bank, Treasury and Parliament
Public Protector Busisiwe Mkhwebane has backed down on her proposal to have the constitutional mandate of the Reserve Bank changed. She consented to an order sought by the Bank to set aside remedial action as proposed in her Absa/Bankorp report. “I accept that the powers of the public protector are subject to the Constitution and the law, including the act,” Mkhwebane said in papers filed on Monday. She would not oppose the Bank’s application. This comes after her office said last week that she would be opposing the Bank’s application to have her remedial action, directing a change to its mandate, set aside. Mkhwebane had instructed Parliament to institute a process that would result in a change to the Bank’s mandate from one that focused on protecting the value of the currency in the interest of economic growth, to one that focused on the socioeconomic wellbeing of SA’s citizens. The Bank, the Treasury and Parliament applied to the court to have this set aside, describing it as unc...
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