President Cyril Ramaphosa says the recent public spats on the Reserve Bank‘s mandate have undermined the confidence of citizens and investors and were unhelpful.

Ramaphosa says that while the African National Congress (ANC) wants the Reserve Bank to be publicly owned, it says the party recognises that it is not prudent to effect this given the current economic and fiscal situation facing the country.

He has disclosed this after a meeting with the party’s national officials at Luthuli House in Johannesburg on Thursday.

The President says that the ANC’s policy on the Reserve Bank, as set out in the Constitution, has not changed.

ANC Secretary General Ace Magashule had announced after the ANC’s Lekgotla on Tuesday that the bank’s mandate would be expanded which was subsequently contradicted by NEC member Enoch Godongwana and Finance Minister Tito Mboweni.

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