Ramaphosa denies govt ‘chipping away’ at SARB’s independence
The South African Reserve Bank's independence has been called into question in the National Assembly.
President Cyril Ramaphosa answered questions from MPs in Parliament on Thursday afternoon.
One of the questions was from DA leader John Steenhuisen, who believes the central bank's independence is being chipped away.
"It should be a matter of great concern, however, Mr President, that the Reserve Bank has already been compromised and its independence already stained. And what was clearly unfair exoneration of yourself in the Phala Phala matter."
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But Ramaphosa says the bank's independence is enshrined in the constitution.
"The Reserve Bank has always acted independently, without favour, without prejudice and it is one of those central banks that are highly respected in the world."
The IFP's Narend Singh asked Ramaphosa if he thought using inflation targeting to set monetary policy was wise.
"This has served us well in the past, and I believe that it continues to serve us well, and the central bank focuses on ensuring that our inflation rate is within that target range,” Ramaphosa responded.
