Cyril Ramaphosa reaffirms mandate of central bank

ANC secretary general Ace Magashule butted heads with the party's economic transformation head Enoch Godongwana and finance minister Tito Mboweni when Magashule told a media briefing that the ANC NEC lekgotla had resolved to expand the mandate of the central bank. Magashule's assertion was disputed by Godongwana while Mboweni warned him to stop obsessing about the central bank.

However, Ramaphosa weighed in, and said the governing party's stance on the central bank has not changed. "The constitution ... sets the role of the Reserve Bank as protecting 'the value of the currency in the interest of balanced and sustainable economic growth.' It further states that this mandate must be exercised in regular consultation with government, through the cabinet minister responsible for national financial matters. This policy has not changed.

"It is our desire for the SA Reserve Bank to be publicly owned. However, we recognise that this will come at a cost which, given our current economic and fiscal situation, is simply not prudent," said Ramaphosa two weeks again.

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