Gwede Mantashe, reserve bank mandate change is “overreach”
JOHANNESBURG – African National Congress secretary general, Gwede Mantashe, described a call for the reserve bank monetary policy to be changed as “Public Protector overreach” on Tuesday.
Public Protector Busisiwe Mkhwebane, head of South Africa’s constitutionally mandated anti-graft watchdog, called on Monday for the central bank’s mandate of maintaining currency and price stability to be changed, saying the bank should act in the interests of empowering ordinary citizens.
“The mistake that we often make as South Africa is to play around with institutions which give us credibility,” Mantashe says.
Proposal to change central bank’s role
parliament said it had received a request from the Public Protector’s office that the reserve bank’s constitutional mandate be changed.
Public Protector Busisiwe Mkhwebane, the head of the South African anti-graft agency, wants the central bank’s mandate changed from maintaining currency and price stability to acting in the interests of ordinary citizens.
“Parliament will consider the report through its usual internal processes and determine an appropriate course of action,” a statement from the assembly said.