The Reserve Bank intends continuing its legal action against Public Protector Busisiwe Mkhwebane, despite her backing off from an attempt to rewrite the Constitution. The central bank said it had noted Mkhwebane’s statement released on Monday, but would nevertheless "proceed with a separate application for the review of the public protector’s report [on the bailout of failed bank Bankorp 30 years ago] and evidential factual inaccuracies therein". On Monday, Mkhwebane said that on the advice of her senior counsel, she had decided not to oppose the Reserve Bank’s application to the high court for the urgent review of her remedial action directing Parliament to effect a constitutional amendment to the Reserve Bank’s powers. On June 19, Mkhwebane caused the rand to plunge from R12.80/$ to the R13.60/$ it is now trading at, by including an order for Parliament to reword section 224 of the Constitution to remove inflation targeting from the Reserve Bank’s mandate, at the end of a 59-page ...
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