The South African Reserve Bank in Pretoria.
The South African Reserve Bank in Pretoria.
Public Protector Busisiwe Mkhwebane  Photo: Phil Makgoe/Independent Media
Public Protector Busisiwe Mkhwebane Photo: Phil Makgoe/Independent Media
In time the South African Reserve Bank will be obliged to raise interest rates to deal with higher consumer price inflation.
In time the South African Reserve Bank will be obliged to raise interest rates to deal with higher consumer price inflation.
Reserve Bank Governor Lesetja Kganyago
Reserve Bank Governor Lesetja Kganyago
Johannesburg - This follows after the North Gauteng High Court today ruled in favour of the SARB, affirming its independence from whatever undue influences that may exist. 

Advocate, Busisiwe Mkhwebane, the Public Protector, ordered Parliament on June 17 to amend the SARB’s mandate in the Constitution.

According to Mkhwebane’s proposed amendment, the SARB would have focused on the socio-economic well-being of citizens, rather than protecting the value of the rand and focussing on economic growth.

Public Protector Busisiwe Mkhwebane Photo: Phil Makgoe/Independent Media

Also read: #ReserveBankPP: Mkhwebane's remedial action on SARB set aside

Armand Greyling, Law and Policy Analyst said: “The Public Protector has effectively been put in her place and this should serve as a warning to other public bodies who attempt to meddle in the affairs of independent institutions.

We dare not find ourselves in a situation where a central bank can be commandeered and stripped of its independence and responsibilities to meet political agendas. We commend the Court’s decision and the SARB for standing up to the Public Protector’s incorrect application of the law.” 

 - BUSINESS REPORT ONLINE