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.
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