South African governor rejects calls to change mandate
Public protector calls for central bank to drop defence of rand value
The governor of the South African Reserve Bank (Sarb), Lesetja Kganyago, has rejected a recent call by a public official to change the central bank’s mandate.
Busisiwe Mkhwebane, South Africa’s “public protector”, or state ombudsman, told a press conference in Pretoria on June 19 that section 224 of the constitution, governing the central bank, must be amended.
Mkhwebane proposed that Sarb’s mandate should be amended to read: “The primary object of the South African Reserve Bank is to promote
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