Mashatile: Ramaphosa’s SARB statement ‘the final one’
African National Congress (ANC) treasurer-general Paul Mashatile maintains there are no divisions in the party over the mandate of the South African Reserve Bank.
During his State of the Nation Address on Thursday, President Ramaphosa reaffirmed the central bank's mandate to protect the value of the currency, despite a resolution at the ANC's national conference in 2017 to nationalise the bank and review its mandate.
A faction within the ANC, said to be led by secretary-general Ace Magashule, has led a drive for the mandate of the bank to be amended to focus on developmental objectives.
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But Mashatile says in the governing party, the president is the person who pronounces on policy matters.
“What he has said is the policy of the ANC, so we are fully behind him. He emphasised that although price stability is not in itself a solution, there is continuous consultation between the Reserve Bank and Minister of Finance (Tito Mboweni).
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