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The new mandate of the Reserve Bank … says very clearly that while its core is to attend to inflation, the way it goes about it must now take [into] account a whole range of factors that include employment, that include balanced and sustainable growth. While you were sleeping … No, I am just pulling your leg. Public Protector Busisiwe Mkhwebane did not change the mandate of the Reserve Bank while you were asleep. These words were uttered by former finance minister Pravin Gordhan in 2010. While he argued in favour of retaining the 3% to 6% inflation target band, he was of the view that the Reserve Bank’s interpretation of its mandate was too narrow. And while he was not excoriated in as zealous a manner as the condemnation of the public protector, the court jesters of the markets mounted a strong defence of the independence of the Reserve Bank.When are people going to learn that they endanger their credibility when they criticise institutions that are independent from the will of the...

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