Former PIC CEO Dr Dan Matjila has denied receiving R5 million cash from VBS in return for facilitating funding for the now defunct mutual bank.
In his Medium-Term Budget Policy Statement Minister Tito Mboweni reaffirmed the independence of the Reserve Bank and reiterated its central role of keeping inflation under control.
The Reserve Bank’s Monetary Policy Committee has kept the repo rate unchanged at 6.5 % as expected, but concerns remain about the deteriorating inflation outlook.
The South African Reserve Bank has appointed a forensic investigator to probe VBS Mutual Bank’s affairs as well as the bank’s possible fraudulent activities.
The African National Congress is to pressurize government to issue the South African Post Bank with a licence to allow it to operate as a fully-fledged financial services entity.