Africa-Press – South-Africa. The president said that the reserve bank’s approach served the country well and he said there was no need for a deviation from its current course. President Cyril Ramaphosa says there is currently no intention to review the mandate of the South African Reserve Bank (SARB) to also focus on job creation.
Ramaphosa also said that the central bank was in no position to address growth and unemployment by merely being “too accommodating on monetary policy”, saying there were other structural factors that needed to be taken into account.
Ramaphosa was responding to MPs in the National Assembly for the last time this year.
The president said that the reserve bank’s approach served the country well and he said there was no need for a deviation from its current course.
He was responding to a question from African National Congress (ANC) MP Phumulo Masualle, who said the bank should expand its mandate to help grow the economy.
“While the reserve bank should, without sacrificing price stability, take into account broader objectives such as employment creation and economic growth, there is therefore currently no intention to review the mandate of the SA Reserve Bank.”
He also defended the bank’s inflation targeting, saying other countries do it.
“It should be known that we are not the only country in the world that has an inflation-targeting policy approach.”
Ramaphosa said the reserve bank must be allowed to pursue its primary objective of protecting the currency without any fear or favour.
For More News And Analysis About South-Africa Follow Africa-Press
