Business Maverick: South African President Plays Down Central Bank Mandate Change Talk

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 84%

United Kingdom News News

United Kingdom United Kingdom Latest News,United Kingdom United Kingdom Headlines

South African President Cyril Ramaphosa played down suggestions that an amendment to the central bank’s mandate is imminent, while confirming that a possible change remains under discussion.

Any change to the mandate of the South African Reserve Bank, which focuses on curbing inflation, will take time, Ramaphosa, told reporters in Johannesburg on Monday. Last week Gwede Mantashe, the chairman of the ruling African National Congress, said the party had agreed at its national conference to change the mandate, prompting a decline in the value of the rand.

South Africa’s economy is being held back by regular power cuts and the nation has one of the world’s highest unemployment rates. The Reserve Bank has repeatedly said bolstering economic growth and job creation fall outside the scope of monetary policy.The ANC’s previous attempts to make ownership changes at the bank have stalled and it won’t be able to effect a constitutional change to its mandate on its own because it doesn’t have the requisite two-thirds majority in parliament.

The US and Australian central bank mandates among others include promoting employment, Ramaphosa said.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in UK
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

The markets will rip faces off if they get it wrong.

Why destroy one thing that works?

Once again no backbone.......the alliance ( In normal English ....Coalition) must split.....

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

LIVE: President Ramaphosa delivers ANC's January 8th Statement - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.African National Congress president Cyril Ramaphosa delivers the party's January 8th Statement. Statements are meaningless without ACTION January 08th statement. SATODAY_SABC January 8 statement the president of the country has delivered a mouth full statement and all the NEC members must strive hard torwards service delivery to the public. Bethuel Sambo from Casteel in Bush buck ridge Mpumalanga province
Source: SABCNews - 🏆 37. / 51 Read more »