Buthelezi: Reserve Bank's mandate must be respected
Deputy Minister of Finance Sfiso Buthelezi says Treasury respects the independence of the South African Reserve Bank (SARB).
Buthelezi was speaking at the Gordon Institute of Business Science (Gibs) this morning on a range of issues, including the recent credit ratings downgrade and the recession.
The deputy minister fielded questions over the Public Protector Busisiwe Mkhwebane's suggestion that the central bank's mandate be extended to include the protection of socio-economic rights.
In her report, Mkhwebane found that Absa and its predecessor Bankorp had unduly benefited from a bailout by the SARB.
"The independence of the SARB is in the constitution and we should respect that. The SARB governor has not taken the report for judicial review", said Buthelezi.
Mkhwebane's findings on Absa have come in for scathing criticism, with both Absa, Reserve Bank and Parliament all indicating that they will head to court.