Team SA assures investors of Reserve Bank mandate in Davos
The president confirmed the independent status of the Reserve Bank and that it will not be interfered with
Team SA with President Cyril Ramaphosa at the helm has assured investors of the Reserve Bank’s mandate and independence. Speaking at the World Economic Forum (WEF) in Davos on Tuesday, Ramaphosa said, “It’s important to separate issues of ownership and independence. Many central banks are owned by government and the state while only a few remain under private ownership.” While reiterating his stance on the Bank’s independence, he said that the “governing party’s resolution on public ownership is a separate matter that is being processed”. “We ascribe a great deal of importance to the standing and independence of the Reserve Bank and we stand by that,” he said, adding that monetary policy must be done in consultation with the finance minister, who has “never sought to interfere with the Reserve Bank’s independence”. “The Reserve Bank has its mandate clearly defined in the constitution and its independence, as far as government is concerned, is sacrosanct and no one will interfere wit...
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