The Bank’s independence has allowed for it to weather political attacks for 10 years, the Reserve Bank governor says
The SA Reserve Bank’s independence allowed it to weather political attacks over the past 10 years, according to governor Lesetja Kganyago.
There is “one equilibrium” where the rule of law is upheld and corruption is not tolerated and a “second equilibrium”, where people use their power to enrich themselves, he said. Kganyago’s speech follows concern about the Bank’s mandate and independence in recent months. The debate about the Reserve Bank’s mandate burst into the public domain when the ANC released an election manifesto on January 12, which stated that policy makers should consider growth and employment when deciding on policy. It also got caught up in intraparty ANC disagreements on whether the Bank should be nationalised, although ownership has no bearing on its monetary policy decisions.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Samwu confirms getting loan from VBS BankSouth African Municipal Workers Union (Samwu) general secretary Koena Ramotlou told EWN he learned of the loan in the organisation's 2017 audited financial statement but no one knows who approved it.
Read more »
New World Bank chief says urgent to focus on povertyWorld Bank President David Malpass said that the most urgent issue facing the bank is addressing global poverty.
Read more »
New World Bank chief says urgent to focus on povertyWorld Bank President David Malpass said that the most urgent issue facing the bank is addressing global poverty.
Read more »
OUR BURNING PLANET: Medupi’s R6.8bn New Development Bank injection and other BRICS climate crimesAlthough the $480-million project loan from the New Development Bank for the completion of Medupi has been dubbed ‘clean technology’, it will up the carbon footprint of one of the world’s largest and most expensive coal-fired power plants. This would be more surprising if four of the BRICS nations, including South Africa, hadn’t been pivotal to a backroom climate deal at Copenhagen in 2009 that removed binding emission reduction targets for every country on Earth. So what else can we thank the BRICS bank for?
Read more »
Malema again denies receiving money from VBS bankFormer EFF member Thembikosi Rawula has claimed Julius Malema and Floyd Shivambu both admitted in a meeting to taking money from the now liquidated bank.
Read more »
IMF, World Bank urge caution with China loans - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The rising influence of lending by China to developing nations is increasingly under the spotlight amid concerns the growing debt burden and onerous conditions could sow the seeds of a crisis.
Read more »
New bank on the block leads big banks to cut feesThe first of the big five has dropped the monthly fee for its entry-level account.
Read more »
Central Bank of eSwatini denies holding money for Zuma following missing 'Gaddafi millions' claimsThe Central Bank of eSwatini denies holding money from a former president of South Africa following reports that Jacob Zuma had stashed the late Muammar Gaddafi's money in that country.
Read more »