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South Africa Minister Says Central Bank Mandate Can Boost Jobs

  • Finance minister suggests no need to expand bank directive
  • Governing party reiterated calls for SARB to be state-owned
Enoch Godongwana

Enoch Godongwana

Photographer: Dwayne Senior/Bloomberg

South African Finance Minister Enoch Godongwana said the central bank’s constitutional mandate to maintain price stability is sufficient to foster job creation, suggesting there’s no need for that directive to be expanded.

The head of the governing African National Congress’s economic transformation committee last week raised the prospect of widening the South African Reserve Bank’s mandate to help create more jobs and support transformation in the nation’s financial industry. Godongwana chaired discussions by the committee about the issue at the ANC’s five-yearly policy conference over the weekend.