Delegates at ANC Policy Conference propose that Reserve Bank’s mandate moves beyond inflation targeting

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Delegates at the African National Congress’s (ANC) National Policy Conference at Nasrec, south of Johannesburg, have proposed that the Reserve Bank’s mandate be moved beyond inflation targeting to include tackling unemployment.

Chairperson of the Economic Transformation Committee Mmamoloko Kubayi says the matter will be researched further.

Kubayi was addressing a media briefing at Nasrec.

“Around are there mechanisms that we can look at the mandate , it not necessarily to tamper with the mandate in the constitutional amendment asking us to go and do a proper research, if we can be able to ask the Reserve Bank to intervene for example in sector that can support us in employment and contributing to job growth, over and above the issue of inflation targeting.”

Reserve Bank mandate must foster economic growth

On Friday, the tripartite alliance partners attending the ANC Policy Conference wanted the party to adopt policies that are people centered. The SACP has reiterated its stance that the Reserve Bank’s mandate be changed to fostering economic growth. The party’s General Secretary Solly Mapaila says banks loot money from people and want government to forge ahead with its plans to establish a governed bank.

“The banks is much less about them than about ourselves and we have called for the establishment of a public banking system. You can have Gauteng for instance having its own national bank. Municipalities and metros having their own bank. Because in the context of a country focusing on feared money, in other words paper money, money that is not paired to any critical minerals, the gold or platinum that we have. The banking system is organised capital looting world- wide.”