News

Mboweni assures investors that SARB mandate will not expand

Finance Minister Tito Mboweni is annoyed with the obsession over the South African Reserve Bank (SARB) and he, along with African National Congress (ANC) officials have assured investors the the mandate will not expand.

ANC secretary-general Ace Magashule told media on Tuesday that the national executive committee (NEC) had resolved to expand the mandate, however this is apparently incorrect.

The minister quoted the Constitution in his explanation that the SARB mandate is to act independently and without fear, favour or prejudice, protect the value of the currency in the interest of balanced and sustainable  economic growth.

ANC economic transformation head Enoch Godongwana was in agreement with Mboweni that SARB must protect the currency.