Court sets aside public protector’s order to change Reserve Bank mandate
Bank governor Lesetja Kganyago has welcomed the judgment, saying the Bank’s mandate is an original constitutional principle
The Reserve Bank has won its application to have the public protector’s remedial action to change its constitutional mandate set aside. The judgment was delivered in the North Gauteng High Court on Tuesday by Justice Cynthia Pretorius. Reserve Bank governor Lesetja Kganyago welcomed the judgment. “I think we will let the judgement speak for itself,” he said to media at the Reserve Bank on Tuesday. “We didn’t need a precedent, the mandate of the Reserve Bank is protected in the Constitution and that is what we had always argued for. It is one of the original constitutional principles.” Mkhwebane had recommended, in her report on the apartheid-era Absa/Bankorp bail-out, that the Constitution be amended to change the Bank’s mandate. She also ordered Absa to repay R1.12bn. The Reserve Bank took the remedial action concerning its mandate on review in the high court. The public protector did not oppose the Reserve Bank’s application when it was heard earlier this month. However‚ the court...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.