ANDILE KHUMALO: Why the sudden interest in the Reserve Bank?
Strange things are happening around the role of a key entity
What are we missing about the sudden heightened interest in the Reserve Bank and its mandate? There is just too much happening, too quickly and all at the same time, around the central bank. Take the recent move by public protector Busisiwe Mkhwebane to instruct that "the chairperson of the portfolio committee on justice and correctional services must initiate a process that will result in the amendment of section 224 of the constitution". In case you saw the headline but missed the detail, section 224 (1) defines the primary object of the Reserve Bank as the "protection of the value of the currency in the interest of balanced and sustainable economic growth". This is followed by section 224 (2), which provides that the bank, "in pursuit of its primary object, must perform its functions independently and without fear, favour or prejudice, but there must be regular consultation between the bank and the cabinet member responsible for national financial matters". Mkhwebane wants to add...
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