ANC delegates at their latest policy conference have proposed that the South African Reserve Bank’s (SARB) mandate be moved beyond inflation targeting.
The ANC has doubled-down on a proposal that the South African Reserve Bank’s mandate be changed – while the party also wants the nationalisation of the central bank to be accelerated.
At a media briefing following the conference, chairperson of the economic transformation committee, Mmamoloko Kubayi, said the Reserve Bank should assist the party in supporting employment and contributing to job growth, over and above the issue of inflation targeting. Kubayi said that the party wouldn’t go the way of making constitutional amendments to change the bank’s mandate but said it must find some kind of mechanism to do so.
“Delegates urge the ANC government to find mechanisms to restructure the bank’s ownership in a manner and pace that take account of the likely cost implication for the fiscus,” said Ramaphosa.
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