Independence trumps nationalisation in the Reserve Bank’s opinion
The SA Reserve Bank’s independence has 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. His speech follows concern about the Bank’s mandate and independence in recent months. The debate about the Bank’s mandate became part of public discourse 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 intra-party ANC disagreements on whether the Bank should be nationalised, although ownership has no bearing on its monetary policy decisions.
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