The South African Reserve Bank has officially asked the High Court to set aside the findings of Public Protector, Busisiwe Mkhwebane, who said that the constitutional mandate of the bank should be changed in June.
EWN reporter, Clement Manyathela says the Reserve Bank has described Mkhebane's findings as having harmful consequences for the South African economy.
Sarb mentioned that the rand weakened after Mkhwebane released the remedial actions to her findings. It was also mentioned that there have been warnings from the rating agencies not to interfere with the independence of the central bank.
If this remedial action is not reviewed and overturned, we could see those ratings agencies that have been warning, downgrading the country even further.— Clement Manyathela, EWN reporter
The bank is arguing in court that, although Mkhwebane has said she won’t oppose the application, her instruction remains in place until it is reversed by the court.
It argues that the 60 days given to Parliament to respond is nearing and now the matter is deemed as urgent.
One of the things they mentioned was that the Public Protector has fallen into a serious error because the remedial action doesn't flow from the investigation that was undertaken about the bailout that was given to Bankorp...— Clement Manyathela, EWN reporter
To hear more of this interview, listen below: