Leave Reserve Bank alone! Governer responds to debates on central bank's mandate

The South African Reserve Bank Governor Lesetja Kganyago said on Wednesday that those arguing about the mandate of the bank should leave it alone.

Financial Mail deputy editor Sikonathi Mantshantsha says senior officials in the ANC, arguing over whether its mandate should be expanded effectively, want to print money to pay the debt they created in state-owned companies.

Read: Sikonathi Mantshantsha commends Ramaphosa for leaving out Dlamini and Mokonyane

Lesetja Kganyago says no it doesn't work that way. He says you focus on structural reform if you have a problem with unemployment and you leave the Reserve Bank alone.

Sikonathi Mantshantsha, Deputy editor - Financial Mail

He says its mandate is to maintain price stability and equitable growth and that mandate is enshrined in the Constitution.

Sikonathi Mantshantsha, Deputy editor - Financial Mail

We will defend the existence of the Reserve Bank if need be, says Lesetja Kganyago.

Sikonathi Mantshantsha, Deputy editor - Financial Mail

To hear the rest of the conversation, listen below:


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