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South Africa's ANC position is that public protector cannot change central bank mandate - official
June 30, 2017 / 8:58 AM / 5 months ago

South Africa's ANC position is that public protector cannot change central bank mandate - official

JOHANNESBURG (Reuters) - South Africa’s ruling African National Congress (ANC) does not believe that the country’s top anti-graft agency has the power to ask parliament to change the mandate of the central bank, the party’s Treasurer General said on Friday.

Zweli Mkhize was clarifying that the party’s position matched that of Finance Minister Malusi Gigaba, who earlier delivered a stout defence of the central bank’s independence at the start of an ANC policy conference.

The public protector’s call for an overhaul of the bank’s mandate rattled investors, hit the rand currency and exposed worsening divisions between state institutions in South Africa, where President Jacob Zuma is embroiled in a widening net of scandals.

Reporting by Joe Brock; Writing by Ed Stoddard; Editing by James Macharia

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