HILARY JOFFE: Lesetja Kganyago his own best case for independence
The Bank made it more difficult to use public power to pilfer
When The Economist ran a cover story recently on political interference in central banks, it cited populist attacks on the independence of central banks in the US, UK, Turkey and India - but didn't mention SA. But when the Peterson Institute of International Economics in Washington chose South African Reserve Bank governor Lesetja Kganyago to give its prestigious annual lecture, it evidently did so because of his lived experience of fighting off incursions into the Bank's independence. His lecture earlier this month will surely contribute to the global debate. The argument for central banks to be independent is more conventionally about their role in controlling inflation and protecting price stability, which is their monetary policy mandate. But Kganyago emphasised that the need for independence is just as important for central banks' other mandate: protecting the financial system. Indeed, he said he'd never received a call from the Union Buildings telling him what to do about mone...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.