The South Africa Reserve Bank (Sarb) has welcomed a High Court judgment affirming the institution’s inflation targeting mandate.
In June, Public Protector Busisiwe Mkhwebane proposed that the central bank's monetary policy target be changed from inflation and currency stability to economic growth.
Reserve Bank Governor Lesetja Kganyago addressed a media gathering on Tuesday, following the court judgeent.
Kganyago and 30 other central bank governors from across the continent have gathered at the Sarb offices in Pretoria, reports EWN's Masa Kekana.
The banking delegates have gathered for the opening of this year’s governors’ symposium of the Association of African Banks under the theme ‘Monetary Integration Prospects’ in Africa.
President Jacob Zuma welcomed the delegates, calling the event a milestone occasion.
Zuma says the week-long conference comes at a time when the continent is still experiencing the negative effects of the global financial crisis.
Zuma was saying that African countries need to promote trade amongst one another.— Masa Kekana, EWN reporter
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This article first appeared on CapeTalk : Sarb governor Lesetja Kganyago welcomes court ruling affirming bank's mandate