President Cyril Ramaphosa on Thursday issued a statement reaffirming the mandate of the South African Reserve Bank and says the current public spat between African National Congress officials is not helpful.
Statement of Officials of the ANC regarding urgent Economic Priorities facing South Africa pic.twitter.com/r6yv1WOxnu— African National Congress (@MYANC) June 6, 2019
Ramaphosa's statement doesn't seem to have reassured the markets as the rand has tumbled to over R15 to the USdollar.
Also read: Analysts debate Reserve Bank mandate
To discuss Ramaphosa's statement, Bongani Bingwa speaks to the president's economic advisor Trudi Makhaya.
The statement made it clear that there is unity of purpose, that there is a resolution on the mandate of the Reserve Bank but that the implementation thereof should take into account the practicality and the feasibility of doing it at a particular point in time.— Trudi Makhaya, Economic advisor - President Cyril Ramaphosa
She says this, like any other resolution, results in the environment being scanned so that an understanding of whether it is the right time to implement that resolution can be accurately acquired.
The statement has been clear that there are economic priorities that we have to deal with in terms of revitalising the economy and the apex priorities discussed at the lekgotla and a renewed industrial energy.— Trudi Makhaya, Economic advisor - President Cyril Ramaphosa
She adds that there has been significant progress regarding any policy uncertainty.
It is essential to be mindful that we are not standing. Still, there is policy progress even though there might be setbacks. Investors understand that in a complex country, it is never going to be a straight forward story but as long as you see forward movement in crucial policy areas.— Trudi Makhaya, Economic advisor - President Cyril Ramaphosa
Listen below to the full interview: