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Markets rely on Reserve Bank, finance ministry response on mandate debate

SABC News SARB RiskAfrica - Markets rely on Reserve Bank, finance ministry response on mandate debate

Economists say markets will rely on how the South African Reserve Bank and the Ministry of Finance respond to the on-going debate on the mandate of the Reserve Bank.

A public spat erupted within the African National Congress (ANC) after the party’s Secretary-General, Ace Magashule,  announced on Tuesday that the National Executive Committee (NEC) had agreed to expand the SARB’s mandate to focus on development and job creation.

The ANC’s economic transformation head, Enoch Godongwana, has contradicted the announcement.

Market analyst, Liston Mentjies, says such discussions create more uncertainties.

“People dislike uncertainty and while theirs is this noise around the uncertainty I think the real proof in the budding is the statement from the governor of SARB and the Minister of Finance never mind the reported spit within the group is,” says Meintjies.

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