South Africa's Graft Ombudsman Seeks Changes to Central Bank Role
- Suggests removing role of central bank to protect the currency
- Mkhwebane proposes changes to constitution’s section on SARB
Pedestrians pass the headquarters of the South African Reserve Bank in Pretoria, South Africa.
Photographer: Dean Hutton/BloombergThis article is for subscribers only.
South Africa’s graft ombudsman has suggested changes to the nation’s constitution to amend the Reserve Bank’s primary objective of protecting the value of the currency.
The chairman of parliament’s justice committee should start a process to change section 224 that sets out the central bank’s primary objective, Public Protector Busisiwe Mkhwebane said in a report handed to reporters in the capital, Pretoria, on Monday. The proposed amendments remove the reference to the Reserve Bank’s role to protect the value of the rand, a key element of the regulator’s inflation-targeting mandate.