The South African Reserve Bank (SARB) will be in the spotlight this week in Parliament, as the National Assembly debates the role, mandate and independence of the Bank. The debate on Tuesday will deal with "the role, mandate and independence of the SARB [South African Reserve Bank], in line with international practice, (with a view) to ensure full public ownership of the Bank". The ANC resolved at its December conference that the Bank, which is owned by private shareholders on whom there are limitations, should be nationalised. The party also debated whether the Bank’s mandate should be changed, but in the final resolution this was left untouched. Public Protector Busisiwe Mkhwebane added to the controversy when she said in her report on the Saambou life boat that the Bank’s mandate should be changed. A court had set aside Mkhwebane’s remedial action that the country’s Constitution must be changed to amend the Bank’s mandate. Inquiries into different aspects of state capture are als...
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