Finance Minister Tito Mboweni says the African National Congress (ANC) announcing plans of the expanding the South African Reserve Bank’s mandate will further destabilise an already volatile market.
Mboweni was reacting to an announcement by ANC secretary-general Ace Magashule, who on Tuesday night said the National Executive Committee (NEC) had agreed to expand the SARB’s mandate to focus on development and job creation.
ANC’s economic transformation head Enoch Godongwana also released a statement contradicting the announcement by Magashule saying, the ANC has no plan to expand the mandate of the SARB.
According to Mboweni, nobody was talking about changing the mandate of the Reserve Bank as it is very clearly articulated in the Constitution.
Government sets the mandate for the SARB. There is no quantitative easing thing here. The primary mandate of the SA Reserve Bank is to “protect the value of the currency in the interest of balanced economic growth and development”.
— Tito Mboweni (@tito_mboweni) 4 June 2019
