Duarte: Let's be clear on the sovereignty of SARB | Fin24
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Duarte: Let's be clear on the sovereignty of SARB

Jul 30 2019 18:42
Compiled by Carin Smith

The ANC wants the SA Reserve Bank (SARB) be in the hands of the people of South Africa, the ruling party's deputy secretary-general Jessie Duarte said on Tuesday.

She spoke at a media briefing following the ANC NEC's meeting over the weekend.

"On the SARB I want to say very categorically so we are all clear about it, that on the issue of sovereignty it is our desire that the SARB be in the hands of the people of SA," said Duarte. She added that, at the same time, however, it must be accepted and understood that the mandate of the SARB, as an independent institution, is ensured by the Constitution of SA.

"That does not change and cannot change just because of who the shareholder is," she said. "That is not the issue. The mandate of the SARB will continue to be a matter that will, from time to time, be consulted with the government."

Duarte added that, even in the UK there is currently a big debate on expanding the mandate of its Reserve Bank.

"As the ANC, our commitment is to work with all sectors of society in partnership to try and bring on board everybody in our attempt to bring our economy back on track - an economy that will work for everyone," she said.

"The stimulus package announced by President Cyril Ramaphosa is one of the issues we will all look at and its four main categories will become part of our day to day work as well."

In June this year Ramaphosa issued a statement reaffirming the mandate of SARB. He described discussions held at the ANC Lekgotla earlier in June as having been one where "the officials emphasised the policy positions of the ANC on the independence and role of the SARB as set out in the Constitution of the Republic of South Africa [which is] protecting 'the value of the currency in the interest of balanced and sustainable economic growth'".

This mandate should be exercised through the responsible cabinet minister, Ramaphosa indicated at the time.

sarb  |  anc  |  jessie duarte  |  sa economy


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