South African Reserve Bank governor, Lesetja Kganyago has described the arguments regarding the mandate of the central bank as ‘noise’.
“They are conflating ownership with the mandate of the bank. The mandate of the bank is spelt out in the Constitution of the Republic. Also, they confuse it with independence and that independence is also spelt out in the constitution,” he said. In a series of tweets, Mboweni slammed Magshule’s statements saying that the government would be the one to set the mandate for the reserve bank.
“I don’t think that the Constitution has to be changed for the reserve bank to have a view on growth,” he says.
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