Reserve Bank hits back at 'unlawful' remedial action
The South African Reserve Bank (SARB) says the remedial action prescribed by the Public Protector - directing Parliament to effect a constitutional amendment to the Reserve Bank's powers - falls outside her powers and is unlawful.
In a statement, the SARB says it has consulted its legal team.
"The Reserve Bank has been advised to bring urgent review proceedings to have the remedial action set aside," says the bank.
"The Reserve Bank has resolved to do so."
Public Protector Busisiwe Mkhwebane released a report on the Alleged Failure to Recover "Misappropriated Funds" in the erstwhile Bankorp lifeboat investigation.
She has ordered remedial action directing Parliament to effect a constitutional amendment to the Reserve Bank's powers.
"This had an immediate and negative impact on the markets and the exchange rate of the Rand," says the bank.
The Reserve Bank says it acts in terms of its constitutional mandate in the interests of the welfare of all South Africans.
"The Reserve Bank will address its other concerns with the report and evidential factual inaccuracies therein, at the appropriate time."