Public Protector Busisiwe Mkhwebane has ordered Parliament to amend the Constitution to change the mandate of the Reserve Bank.
This would, effectively, put an end to inflation targeting.
Section 224 of the Constitution states:
The primary object of the Reserve Bank is to protect the value of the currency in the interests of balanced and sustainable economic growth in the republic.
Mkhwebane wants this changed as follows:
The primary object of the Reserve Bank is to promote balanced and sustainable economic growth in the republic while ensuring that socio-economic wellbeing of the citizens is protected.
The Money Show’s Bruce Whitfield interviewed former Finance Minister Nhlanhla Nene.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
Independence [of monetary policy] is critical.— Nhlanhla Nene
Runaway inflation will hurt not just the economy but also the poorest citizens.— Nhlanhla Nene
Investors are always sceptical, even without ‘developments’.— Nhlanhla Nene
I’m watching from a distance. I’ve got my hands full…— Nhlanhla Nene
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