Finance minister Tito Mboweni had tweeted that African presidents needed to ‘stop this nonsense’ of firing central bank governors
SA‘s currency gains despite the spat, suggesting investors don't see much risk of Mboweni resigning over the issueOutspoken finance minister Tito Mboweni was reprimanded by President Cyril Ramaphosa on Monday after he waded into the sudden firing of the central bank governor in Zambia, a move that led to a sharp sell-off in that country’s assets on Monday. The rand was left unscathed.
Mboweni, who headed the Reserve Bank for a decade as its first black governor after the end of apartheid, is a fierce proponent of central bank independence. He took to Twitter to criticise president Edgar Lungu for firing Zambian governor Denny Kalyalya over the weekend.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
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