South African Reserve Bank (Sarb) Governor, Lesetja Kganyago, on Tuesday welcomed the High Court ruling which set aside Public Protector Busisiwe Mkhwebane’s remedial action seeking to change the apex bank’s mandate.
“We welcome the judgement and I think we will let the judgement speak for itself. We have posted it [the High Court judgement] on our website and I have nothing further to say, other than to say we welcome the judgement,” Kganyago told journalists at the Sarb in central Pretoria.
Asked whether he was pleased that a precedent had now been clearly set regarding the mandate of the central bank, following Tuesday morning’s court ruling, Kganyago said the South African Constitution had always been unambiguous on the matter.
“We didn’t need any precedent. The mandate of the Reserve Bank is spelt out in the Constitution and that is what we had always argued for. It is one of the original constitutional principles, and the courts have confirmed that – they have decided to set aside the remedial action of the Public Protector. We welcome them.”
Kganyago, however, said he did not know if the High Court ruling would put the matter to bed permanently.
The Sarb on Tuesday won its August 1 application to have Mkhwebane’s remedial action to change the constitutional mandate of the central bank set aside. The Public Protector had strongly recommended that the Constitution be amended so that the mandate of the Sarb could be refocused.