Johannesburg - The South African Reserve Bank (SARB) said yesterday that it had noted recent comments by ANC deputy secretary-general Jessie Duarte, that “our Reserve Bank needs to cushion the rand, but the Reserve Bank itself is privately owned and so we have a difficulty”.
The bank said this had resulted in media enquiries regarding its independence. It said the primary mandate and independence of the bank were entrenched in the constitution.
“In carrying out its mandate, the SARB does not bow to any pressure, whether it be political or from the private sector. The SARB accounts to the people of South Africa through Parliament. We wish to reiterate that the shareholding structure of the SARB has no bearing on any policy decisions that the executive management of the SARB, being the governor and deputy governors, takes in implementing the SARB’s constitutional mandate.”
The governor and deputy governors took decisions independently, without fear, favour or prejudice, it said.
“Monetary policy decisions are taken by the monetary policy committee... Neither the board nor the SARB’s shareholders have any say or influence over policy decisions.”
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