Public Protector Busisiwe Mkhwebane has ordered Parliament to amend the Constitution to change the mandate of the Reserve Bank.
This would, effectively, put an end to inflation targeting.
This was among Mkhwebane’s remedial actions in the CIEX report investigation, which she released at a briefing in Pretoria on Monday.
Section 224 of the Constitution states:
The primary object of the Reserve Bank is to protect the value of the currency in the interests of balanced and sustainable economic growth in the republic.
Mkhwebane wants this changed as follows:
The primary object of the Reserve Bank is to promote balanced and sustainable economic growth in the republic while ensuring that socio-economic wellbeing of the citizens is protected.
The Money Show’s Bruce Whitfield interviewed Investec Asset Management Economist Nazmeera Moola.
It prevents the Reserve Bank from printing money.— Nazmeera Moola, Investec Asset Management
The proposed changes are too vague.— Nazmeera Moola, Investec Asset Management
Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.
Recommendedby NEWSROOM AI
The Money Show’s Bruce Whitfield interviews Pavlo Phitidis, founder of Aurik Business Accelerator.
The Money Show’s Bruce Whitfield interviews Darryn Faulds, a fund manager at Grovest Group.
Revenue collections are surprisingly good, so far, thanks to the VAT hike. Bruce Whitfield interviews PwC's Kyle Mandy.
Times are tough. Don’t spare her feelings! You must ask these questions of your advisor, implores Galileo Capital's Warren Ingram.
Bruce Whitfield interviews John Oliphant, former Principal Executive Officer at the Government Employees Pension Fund.
Testimonies at the Sars Inquiry has many South African taxpayers panicked. Bruce Whitfield interviews Sars' Mark Kingon.
The Department Of International Relations says it welcomes plans by the Malaysian government to abolish the death penalty.
Azania Mosaka catches up with Sbahle Zwane's mother to hear about developments with his schooling.
Anton Fourie says he used his phone to record the interaction to create awareness of what is going on in the community.
Malema has accused the rogue unit of still being operational and Pravin Gordhan of working in the background against the EFF.
Cheryl Zondi is testifying against Pastor Timothy Omotoso who is accused of rape and human trafficking in his Durban church.
Fashion blogger Nadia Jaftha takes fans through her serious love of style, as well as her silly moments with sidekick mom, Nawal.