Economics
A $50 Billion Fight Over Who Owns South African Central Bank
- Some shareholders want to claim the reserves, Kganyago says
- SARB’s main aim is to protect its mandate and independence
Photographer: Waldo Swiegers/Bloomberg
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South Africa’s Lesetja Kganyago has a fight on his hands to protect the central bank’s $50 billion of reserves.
More than eight months after the ruling African National Congress decided that the South African Reserve Bank should be state-owned, like most other central banks, the governor said his main concern remains to protect the regulator’s independence and mandate.