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SONA2019: SARB mandate remains unchanged

President Cyril Ramaphosa has reiterated that the constitutional mandate of the South African Reserve Bank (SARB) should be perused independently without ‘fear,favour or prejudice’.

While delivering his State of the Nation Address (SONA) on Thursday evening the president said SARB held credible standing internationally and locally and is therefore a critical institution to South Africa’s democracy.

The rising cost of products and services affects all South African’s and inflation undermines the competitiveness of export and import firms putting both the industry and jobs at risk, said Ramaphosa.

In the interest of job creation and economic growth, Ramaphosa said that regular consultation should be held between the SARB and the minister of finance in order to promote macro-economic coordination.