During a week in which South Africa’s Q1 GDP hit a 10-year low, the economy received a further shock after ANC secretary general Ace Magashule told reporters that the governing party’s NEC had resolved that the Reserve Bank’s mandate should be expanded to include growth and job creation.
“Quantitative easing is not an option for South Africa,” said Kganyago who pointed out that the country’s interest and inflation rates are too high for it to work here.“Institutions in a democracy matter and quality institutions matter even more.”“You cannot beat an economy that is on its knees and force it to create jobs, it’s not going to happen. You have got bring it up, get the economy to grow – jobs are an outcome of economic growth. Absent economic growth you can’t have jobs.
“We created the SARB in terms of the constitution and tasked it with protecting the value of the currency in the interests of balanced and sustainable growth. That’s where the mandate is derived from. You do not ask the SARB to administer justice, we are not designed for that.” “Quantitative easing is not an option for South Africa because you do not meet the conditions for quantitative easing.”“We will not be able to have balanced and sustainable growth in the Republic if you don’t have price stability.”
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