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.
President Cyril Ramaphosa and Deputy Minister of Finance, David Masondo, have met with the board of the South African Reserve Bank (SARB) to discuss vacancies in the executive leadership of the central bank.
The issue of policy consensus is critical to South Africa’s developmental trajectory. That is the view of the United Nations Development Programme’s newly-appointed Resident Representative to South Africa, Economist Dr Ayodele Odusola, who assumes the role later in June.
Economists say markets will rely on how the South African Reserve Bank and the Ministry of Finance respond to the on-going debate on the mandate of the Reserve Bank.