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Johannesburg - South African Reserve Bank (Sarb)
Governor Tito Mboweni acknowledged on Wednesday that one of the low points
of his time as central bank governor was a spat with Trevor Manuel around
the need for a single regulator.
"Those were difficult times - but we came to the conclusion it was not
the best option for South Africa and would work out some coordinated
mechanism, which has done well," said Mboweni.
"When the financial crisis happened, Minister Manuel said thank God we
never went the single regulator model - I said thank God I never pushed for
it and thank God he came to see the light," said Mboweni.
"The need for a single regulator was a low point between the SARB and
the Minister of Finance," said Mboweni.
Mboweni was speaking at a Reuter's economist of the year function. First
place went to the Bureau for Economic Research, second to Sonja Keller from
JP Morgan and third to Elna Moolman from BJM.
Mboweni said one of the high points of his ten years was when inflation
was within the target range, but his popularity turned when he had to start
hiking rates.
- I-Net Bridge