Court dismisses ‘irrational’ Sarb mandate challenge
Judge rules against South African public protector’s attempt to change the Sarb’s mandate
The South African Reserve Bank (Sarb) has won a legal victory in defence of its mandate, as a high court judgement issued today (August 15) ruled in favour of the central bank.
Judge JR Murphy threw out the proposal by public protector Busisiwe Mkhwebane that the Sarb’s mandate be altered to strip it of the requirement “to protect the value of the currency”, in favour of what she viewed as a broader mandate to protect the “socio-economic wellbeing” of South Africans.
The Sarb responded
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