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Ramaphosa says it is currently not viable to make SARB a publicly owned entity

President Cyril Ramaphosa and the top six ANC officials met on Thursday following the contradicting statements regarding the South African Reserve Bank (SARB).

ANC secretary-general Ace Magashule told media on Tuesday that the ANC’s National Executive Committee (NEC) has agreed to expand the banks mandate.

Ramaphosa said the officials have opposed any efforts to expand the mandate and that nothing has changed.

They do however desire that the SA Reserve Bank be publicly owned but realise that this will come at a cost and due to the current economy and fiscal situation this would not be judicious at present, said Ramaphosa.

The public dispute regarding the matter was causing an unnecessary lack of confidence in citizens and of investors.