CAPE TOWN – President Cyril Ramaphosa has emphasised the constitutional mandate of the South African Reserve Bank.
This follows opposing views in his governing African National Congress over the mandate of the central bank.
In his State of the Nation Address, Ramaphosa said the constitution mandates the Reserve Bank to protect the value of the currency in the interest of balanced and sustainable growth.
“Today we reaffirm this constitutional mandate, which the Reserve Bank must pursue independently, without fear, favour or prejudice,” Ramaphosa said.
“Our Constitution also requires that there should be regular consultation between the Reserve Bank and the Minister of Finance to promote macroeconomic coordination, all in the interests of employment creation and economic growth.”