South African Reserve Bank governor Lesetja Kganyago has again hit out at Public Protector Busisiwe Mkhwebane for displaying a “flagrant disregard of the law” when she ordered the Constitution be changed in 2017 to alter the mandate of the Reserve Bank.
Kganyago was in Washington DC to deliver a speech on central bank independence at the Peterson Institute for International Economics.
The order resulted in a surge of criticism. The Reserve Bank instituted an urgent court application to have the section changing its mandate set aside. Mkhwebane, in the end, decided not to oppose the review application.Mkhwebane’s “lack of competency”, and he continued in a similar vein this week. “[…] to our surprise, the finding included an order that parliament change the Constitution, so that the Reserve Bank’s mandate stopped being to ‘protect the value of the currency in the interest of balanced and sustainable growth’.
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