The Reserve Bank We have our reservations
So Busisiwe Mkhwebane, the public protector (a position which does not specifically require pronouncements on the economy) has called for an amendment to the Constitution, which would state that "The primary object of the Reserve Bank is to promote balanced and sustainable economic growth in the Republic, while ensuring that the socioeconomic wellbeing of the citizens are protected". A noble sentiment, but one which calls into question the Bank’s independence, and flies in the face of its primary role, ensuring the value of the rand in defence of economic growth. The same rand, by the way, which at time of going to press was clipping along nicely at under R13 to the dollar. Mkhwebane, an ally of our deservedly embattled president, made these comments at a time when the rating agencies circle us like hooded assassins.
Comment: May we respectfully request that the protector, at this delicate time in the history of the Republic, shut the heck up?