Sarb governor says he was asked if he would quit after PP recommendation

Governor of the South African Reserve Bank (SARB), Lesetja Kganyago told a Parliamentary committee that the bank’s mandate was to focus on inflation and protect the value of the currency in the interest of achieving balanced economic growth.

Senior EWN Reporter, Gaye Davis says this is the first time the bank appeared before the committee since the release of the report by the Public Protector.

In June, Public Protector, Busisiwe Mkhwebane proposed to switch the target of the bank's monetary policy from inflation and currency stability to economic growth.

The emphasis around Kganyago's presentation was the need for the institution to remain independent and that it is one thing to have that independence tried in the Constitution, but it is another thing altogether to make sure that you have people in place who will defend that mandate.

Gaye Davis, EWN reporter

He said that when the Public Protector's report came out with this recommendation (which has to be set aside by a judicial review otherwise it is binding) he was asked if he would resign if the bank's mandate was to be changed.

Gaye Davis, EWN reporter

Davis says Kganyago went to great lengths to explain how its private shareholders have no sway over policy.

She adds that the governor explained that while the bank is responsible for ensuring that monetary policy protects the value of the currency, it cannot deal with structural problems in the economy.

Take a listen:


Recommended

by NEWSROOM AI
Read More
Why the SA Reserve Bank cut rates (against the expectation of 92% of economists)

Why the SA Reserve Bank cut rates (against the expectation of 92% of economists)

The Money Show’s Bruce Whitfield interviews Nedbank Economist Busisiwe Radebe about Governor Lesetja Kganyago’s surprise move.

Repo rate cut may see consumers paying less on outstanding debt - economist

Repo rate cut may see consumers paying less on outstanding debt - economist

South African Reserve Bank Governor Lesetja Kganyago announced that the repo rate would be cut by 25 basis points to 6.75%.

Now you can buy shares in the Reserve Bank (But is it a good idea?)

Now you can buy shares in the Reserve Bank (But is it a good idea?)

Nearly 150 000 shares have been made available for purchase to the public. Find out the pros and cons of buying them.

Reserve Bank Governor: 2017 will be a good year for SA economy

Reserve Bank Governor: 2017 will be a good year for SA economy

SA Reserve Bank Governor Lesetja Kganyago says the economy will be stronger and less turbulent than last year.

Reserve Bank Governor on outsourced printing of bank notes and 2017 predictions

Reserve Bank Governor on outsourced printing of bank notes and 2017 predictions

Governor Lesetja Kganyago says South Africa asked international companies to print banknotes as part of risk management.

SA under downgrade threat due to 'political volatility' - Reserve Bank Governor

SA under downgrade threat due to 'political volatility' - Reserve Bank Governor

Central banker Lesetja Kganyago addresses the South African Chamber of Commerce and Industry Conference in Kempton Park.

Popular articles
'Zuma fighting to stop Nkandla being repossessed, can't afford criminal trial'

'Zuma fighting to stop Nkandla being repossessed, can't afford criminal trial'

Zuma is facing fraud, corruption, racketeering and money laundering charges; the trial has been postponed until February.

It's VW, but not as you know it - Why did Volkswagen change its logo?

It's VW, but not as you know it - Why did Volkswagen change its logo?

John Maytham asks what's behind Volkswagen's new-look logo...

Eusebius slams humourous reactions to Bishops teacher's sexual affair scandal

Eusebius slams humourous reactions to Bishops teacher's sexual affair scandal

The teacher has resigned following allegations that she was involved in a sexual relationship with an 18-year old pupil.

5 retirement saving tips for those who left it late

5 retirement saving tips for those who left it late

It’s better to start late than never! The Money Show’s Bruce Whitfield interviews Jeanette Marais.

[WATCH] Woman faints after hairdresser cuts 12-inch hair without telling her

[WATCH] Woman faints after hairdresser cuts 12-inch hair without telling her

Khabazela shares tweets and Facebook posts that have gone viral.

[WATCH] Tourist steps out of his car to film lions at Kruger National Park

[WATCH] Tourist steps out of his car to film lions at Kruger National Park

Khabazela shares tweets and Facebook posts that have gone viral.

[WATCH] 'I am smart, I am blessed, I can do anything' video goes viral

[WATCH] 'I am smart, I am blessed, I can do anything' video goes viral

Khabazela shares tweets and Facebook posts that have gone viral.

[WATCH] Dad dancing with daughter at school concert goes viral

[WATCH] Dad dancing with daughter at school concert goes viral

Khabazela shares tweets and Facebook posts that have gone viral.