Public Protector backs down on SA Reserve Bank


Public Protector Busisiwe Mkhwebane speaks during a media briefing to mark 100 days in office on February 02, 2017 in Pretoria.

JOHANNESBURG – Public Protector, Busisiwe Mkhwebane, has conceded she was wrong to order a change in the South African Reserve Bank's mandate.



READ: Public Protector wants to change Constitution on Reserve Bank

Mkhwebane has announced that she won’t oppose the bank's application to overturn her findings.

Mkhwebane made the recommendation in her report on the Reserve Bank’s bail-out of Bankcorp. The bank approached the court to review the finding, arguing that a stable currency is essential for economic growh.

READ: ANC says Public Protector overreached on Reserve Bank

Parliament and Minister of Finance Malusi Gigaba also joined the legal bid against Mkhwebane.

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