Mkhwebane's move on Reserve Bank mandate is unlawful, dangerous and suspect
Former governor does not mince words: the Reserve Bank is under attack from a fellow constitutional agency
Former Reserve Bank governor Gill Marcus says another ratings agency downgrade is "likely" as a result of what she sees as a "nefarious attack" on the independence of the central bank by the public protector. Marcus was the ninth governor of the bank, the first woman to hold the position between 2009 and 2014. In the remedial action contained in her report on the Bankorp "lifeboat", public protector Busisiwe Mkhwebane has instructed parliament to change the constitutional mandate of the Reserve Bank so that its primary role is no longer to protect the value of the currency, but to promote economic growth and protect the socioeconomic wellbeing of citizens. 'Generous' interpretation Marcus, a former chairwoman of Absa, says it is "untenable" for the public protector to use the issue of the Reserve Bank's bail-out of Bankorp — "about which the facts are absolutely clear and set out and well known to the public protector" — as a pretext to mount an attack on the central bank's independ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.