DURBAN – Finance Minister Tito Mboweni on Wednesday delivered his Medium-term Budget Policy Statement to South Africa in Parliament.
In his speech the Finance Minister highlighted that the South African Reserve Bank has, during a very difficult period, kept inflation stable.
Mboweni also declared a substantially increased profit share to the government.
"The bank is a strange creature of statute – even though we do not own it, the National Revenue Fund receives 90 percent of the profits, after provisions ordinarily made by bankers. It is a beautiful arrangement – we do not have to invest any money in the Bank, but we get almost all the profits plus taxes," said Mboweni.
In his address Mboweni also said that they will be taking stronger measures to fight illegitimate cross‐border flows and tax evasion.