Sarb governor says he was asked if he would quit after PP recommendation

Governor of the South African Reserve Bank (SARB), Lesetja Kganyago told a Parliamentary committee that the bank’s mandate was to focus on inflation and protect the value of the currency in the interest of achieving balanced economic growth.

Senior EWN Reporter, Gaye Davis says this is the first time the bank appeared before the committee since the release of the report by the Public Protector.

In June, Public Protector, Busisiwe Mkhwebane proposed to switch the target of the bank's monetary policy from inflation and currency stability to economic growth.

The emphasis around Kganyago's presentation was the need for the institution to remain independent and that it is one thing to have that independence tried in the Constitution, but it is another thing altogether to make sure that you have people in place who will defend that mandate.

Gaye Davis, EWN reporter

He said that when the Public Protector's report came out with this recommendation (which has to be set aside by a judicial review otherwise it is binding) he was asked if he would resign if the bank's mandate was to be changed.

Gaye Davis, EWN reporter

Davis says Kganyago went to great lengths to explain how its private shareholders have no sway over policy.

She adds that the governor explained that while the bank is responsible for ensuring that monetary policy protects the value of the currency, it cannot deal with structural problems in the economy.

Take a listen:

CapeTalk welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the CapeTalk community a safe and welcoming space for all.

CapeTalk reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

CapeTalk is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Why the SA Reserve Bank cut rates (against the expectation of 92% of economists)

Why the SA Reserve Bank cut rates (against the expectation of 92% of economists)

The Money Show’s Bruce Whitfield interviews Nedbank Economist Busisiwe Radebe about Governor Lesetja Kganyago’s surprise move.

Repo rate cut may see consumers paying less on outstanding debt - economist

Repo rate cut may see consumers paying less on outstanding debt - economist

South African Reserve Bank Governor Lesetja Kganyago announced that the repo rate would be cut by 25 basis points to 6.75%.

Now you can buy shares in the Reserve Bank (But is it a good idea?)

Now you can buy shares in the Reserve Bank (But is it a good idea?)

Nearly 150 000 shares have been made available for purchase to the public. Find out the pros and cons of buying them.

Reserve Bank Governor: 2017 will be a good year for SA economy

Reserve Bank Governor: 2017 will be a good year for SA economy

SA Reserve Bank Governor Lesetja Kganyago says the economy will be stronger and less turbulent than last year.

Reserve Bank Governor on outsourced printing of bank notes and 2017 predictions

Reserve Bank Governor on outsourced printing of bank notes and 2017 predictions

Governor Lesetja Kganyago says South Africa asked international companies to print banknotes as part of risk management.

SA under downgrade threat due to 'political volatility' - Reserve Bank Governor

SA under downgrade threat due to 'political volatility' - Reserve Bank Governor

Central banker Lesetja Kganyago addresses the South African Chamber of Commerce and Industry Conference in Kempton Park.

Popular articles
LISTEN: Gerrie Nel on why he's persuing prosecution against Duduzane Zuma

LISTEN: Gerrie Nel on why he's persuing prosecution against Duduzane Zuma

AfriForum will prosecute Duduzane Zuma after NPA declined to do so in 2015 following a 2014 accident where a woman died.

How we invented the modern concept of sleep

How we invented the modern concept of sleep

Dr Bodhisattva Kar reveals how industrial capitalism influenced the world's current sleep patterns.

Hassen Adams (he brought Burger King and Dunkin’ Donuts to SA) talks money

Hassen Adams (he brought Burger King and Dunkin’ Donuts to SA) talks money

The Money Show’s Bruce Whitfield interviews Adams about his attitude to money (hopes and fears, successes and failures, etc.).

Kloof Street residents living in fear as crime multiplies

Kloof Street residents living in fear as crime multiplies

A Cape Town man was stabbed to death on Saturday while trying to assist two women who were being mugged on Kloof street.

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

After 3 years there are 3 Nic Harry stores (incl online) that sell 100 000 pairs of socks in over 20 countries around the world.