Economics
South Africa’s ANC Commits to Reserve Bank Mandate, Independence
- Reserve Bank nationalization must be affordable, ANC says
- Ruling party presented its annual statement on Saturday
A pedestrian passes near the headquarters of the South African Reserve Bank.
Photographer: Waldo Swiegers/Bloomberg
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South Africa’s ruling African National Congress reaffirmed the central bank’s role, mandate and independence in an annual policy statement.
The assurance may allay fears of renewed attacks by some ANC leaders on the South African Reserve Bank in the run-up to the party’s national general council later this year. The gathering will mark the mid-point of the current ANC leadership’s term, when President Cyril Ramaphosa will face pressure to show he has made progress on some of the party’s more populist resolutions adopted in December 2017, including nationalizing the bank.