CAPE TOWN – The Minister of Finance Tito Mboweni on Tuesday refuted commitments to expand the SA Reserve Bank’s mandate after a briefing of the party's NEC Lekgotla stated that this was in the pipeline.
The ANC’s economic transformation head, Enoch Godongwana, also supported the Finance Minister and rejected the party secretary-general Ace Magashule’s statement on the Reserve Bank’s mandate.
Magashule said the Lekgotla tasked the party’s deployees to implement the resolutions of its 2017 national conference in full.
“It was agreed that all deployees will ensure that the resolutions of the 54th national conference will be fully implemented. In this regard, the ANC NEC lekgotla agreed to expand the mandate of the South African Reserve Bank beyond price stability to include growth and employment,” Magashule said.
Minister Mboweni took to Twitter to state that the government was the one that would determine the mandate of the Reserve Bank.
Government sets the mandate for the SARB. There is no quantitative easing thing here. The primary mandate of the SA Reserve Bank is to “protect the value of the currency in the interest of balanced economic growth and development”.— Tito Mboweni (@tito_mboweni) June 4, 2019
BUSINESS REPORT ONLINE