The ANC wants to change the mandate of the South African Reserve Bank to play a bigger role in the economy.
South Africa’s governing party wants to broaden the central bank’s mandate to ensure it plays a bigger role in supporting the economy, a change that may require a constitutional amendment it won’t be able to effect on its own.
The ANC’s proposal comes as the economy struggles to recover from the coronavirus pandemic and an ongoing electricity supply crisis that’s curbing output. The South African Reserve Bank implements its inflation-targeting mandate in the interests of balanced and sustainable growth and has repeatedly said obstacles to bolstering economic growth fall outside the scope of monetary policy.
While the Economic Freedom Fighters, the third-largest party, agreed with the ANC on the need for the SARB’s mandate to be changed, the governing party won’t make concessions to the opposition in exchange for their support to amend the constitution, according to Mantashe. The central bank is seen by investors, businesses and ratings companies as one of the few pillars of institutional strength in an economy hollowed out by state graft during former President Jacob Zuma’s rule.
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Mantashe: Reserve Bank's mandate must expand to meet economy's needs | BusinessSouth Africa’s governing ANC wants to broaden the central bank’s mandate to ensure it plays a bigger role in supporting the economy, a change that may require a constitutional amendment it won’t be able to effect on its own. | News24_Business
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