AfriBusiness welcomes the court ruling that the South African Reserve Bank (SARB) will maintain its mandate as per the Constitution. This follows after the North Gauteng High Court today ruled in favour of the SARB, affirming its independence from whatever undue influences that may exist.
Adv. Busisiwe Mkhwebane, the Public Protector, ordered Parliament on 17 June 2017 to amend the SARB’s mandate in the Constitution. According to her proposed amendment, the SARB would have focused on the socio-economic well-being of citizens, rather than protecting the value of the rand and focussing on economic growth.
“The Public Protector has effectively been put in her place and this should serve as a warning to other public bodies who attempt to meddle in the affairs of independent institutions. We dare not find ourselves in a situation where a central bank can be commandeered and stripped of its independence and responsibilities to meet political agendas. We commend the Court’s decision and the SARB for standing up to the Public Protector’s incorrect application of the law,” says Armand Greyling, Law and Policy Analyst at AfriBusiness.