THE UGLY

Finweek English Edition - - THE WEEK -

The Public Pro­tec­tor’s order that the Con­sti­tu­tion be amended to change the man­date and pow­ers of the South African Re­serve Bank (SARB) demon­strated that the in­de­pen­dence of the SARB is now also un­der at­tack, with pos­si­ble dire con­se­quences for the econ­omy. “The amend­ment would, if ef­fected, strip the Re­serve Bank of its key com­pe­tency to pro­tect the value of the cur­rency and the well un­der­stood role that cen­tral banks play in se­cur­ing price sta­bil­ity,” SARB said in a state­ment, say­ing it will bring ur­gent re­view pro­ceed­ings to have the re­me­dial ac­tion set aside. Also see page 13.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.