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
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