Ahead of Davos, Ramaphosa reassures business on Reserve Bank’s role
The president and finance minister Tito Mboweni are in agreement that the independence of the central bank is non-negotiable
Ahead of his trip to promote SA as an investment destination at the World Economic Forum (WEF), President Cyril Ramaphosa moved to assure business that the ANC had no intention to tamper with the central bank’s independence or mandate. "The independence, standing and the role of the Reserve Bank is sacrosanct and will remain independent," he told business leaders on Wednesday. "There should be no debate about that." Ramaphosa’s comments came a day before governor Lesetja Kganyago delivers the latest interest rate decision, with the monetary policy committee (MPC) likely to keep the repo rate unchanged at 6.75%, after raising it at the last meeting in November for the first time in two years. The central bank, which has a 3%-6% inflation target rate, has come under fire from trade unions and elements in the ANC, who have accused it of being insensitive to a weak economy that has left the unemployment rate at more than 27%. Kganyago has consistently argued the Bank’s constitutional ma...
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