Public Protector sparks the Battle of the Bank

“The reason why the South African economy is suffering at the moment is not monetary policy. Our economy is suffering because of other things. It has to do with policy uncertainty on the political side and the state of the [performance of] state-owned enterprises and things like that. It is not because of monetary policy.

“In fact, if we did not have the type of monetary policy we have, the South African economy will be worse off,” Roodt said.

Alan Mukoki, CEO of the SA Chamber of Commerce, was confident the Reserve Bank would deal appropriately with the recommendation.

“The public protector’s voice is not the last voice to speak on any matter. That is why we are a constitutional democracy and have a Constitutional Court which is the last of the institutions that have anything to say about any matter that must reach finality.

“I would panic if you have a situation where the Constitutional Court takes a decision to change the mandate of the Reserve Bank and the bank ends up with no independence. Then we would have a serious problem.”

Mkhwebane told EyeWitnessNews it was within the bank’s rights to take the matter on judicial review and that it was still up to the portfolio committee on Justice and Correctional Services to decide on the amendment.