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Kganyago, Mboweni back the SARB’s independence and monetary policy stance | Business | M&G

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In a joint statement, Finance Minister Tito Mboweni and Reserve Bank governor Lesetja Kganyago, gave assurances that the finance ministry backs the independence of the central bank. LynleyDonnelly reports.

In a joint statement released on Thursday afternoon, Finance Minister Tito Mboweni and South African Reserve Bank governor Lesetja Kganyago, gave assurances that the finance ministry backs the independence of the SARB and would under normal circumstances not interfere “in monetary policy decision making or decisions of the SARB”.

In commenting in ongoing debates within the governing ANC regarding the SARB’s Masondo is quoted as saying: “I think the cry out there, and the reason this debate is also being raised incorrectly through a discussion on quantitative easing, is because of [the level] of interest rates… The statements from a political principal in the ministry are out of step with the delineation of roles between the finance portfolio and national treasury, which overseas fiscal and economic policy, and the SARB which is responsible for monetary policy.

In the joint statement, Mboweni and Kganyago said: “The National Treasury has always respected the independence of the SARB, and communicates when necessary on fiscal and economic policy. The Ministry of Finance would under normal circumstances not comment on the monetary policy stance or interfere in monetary policy decision making or decisions of the SARB.”

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