President Cyril Ramaphosa has clarified what was meant by recent comments about the South African Reserve Bank, made during the ANC’s latest inaugural conference.
South African President Cyril Ramaphosa played down suggestions that an amendment to the central bank’s mandate is imminent while confirming that a possible change remains under discussion.
“It requires a constitutional amendment; it’s not just a matter you embark on,” Ramaphosa said. “It’s not something that’s about to happen, it’s something that’s being debated.” Mantashe said the mandate needed to be expanded to “meet the needs of the economy,” while Mmamoloko Kubayi, the head of the ANC’s economic transformation committee, said various options needed to be explored to ensure the bank does more to encourage job creation.
He also indicated a resolution the ANC adopted in 2017 for the government take ownership of the Reserve Bank, one of the few privately owned central banks in the world, is unlikely to be implemented because the government can’t afford it, and in any event that money would be better spent on economic development.
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