Legal Representative for the South African Reserve Bank Chris Moraitis confirmed that they have filed an urgent application in the North Gauteng High Court to set aside remedial action proposed by Public Protector Busisiwe Mkhwebane in her report on the Bankorp bailout.
In her report, Mkhwebane proposed that the mandate of the Reserve Bank should be changed in the Constitution.
We want the court to say that she doesn't have the power to order the remedial action that she has ordered.— Chris Moraitis, Legal Representative for the South African Reserve Bank
The Reserve Bank has a specific mandate which is clear. And it is not just that mandate of the SA Reserve Bank but of the central banks around the world, that's why the Reserve Bank wants certainty and clarity.— Chris Moraitis, Legal Representative for the South African Reserve Bank
Moraitis says the Governor of the Reserve Bank has been very clear about why price stability is the right thing to have.
He says the court ruling will bring back order and stability to what the Reserve Bank ought to be doing.
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