Reserve Bank Governor, Lesetja Kganyago says the economy will continue to take a beating if debate around the bank’s shareholding continues.
The Constitutional Court will on Monday rule in the matter between Public Protector Busisiwe Mkhwebane and the South African Reserve Bank (SARB).
The recent squabble over the mandate of the South African Reserve Bank has very little to do with real economic policies. It is rather emblematic of the intensely polarised levels of political distrust that currently exists within the African National Congress (ANC), the governing party.
Finance Minister Tito Mboweni and South African Reserve Bank (SARB) Governor Lesetja Kganyago have reaffirmed their commitment to the independence of the central bank.
South Africa still has a concentrated banking sector with the dominance of five large banks which collectively hold 90.5% of the total banking sector assets as of March the 31st 2019.