NEWS

Reserve Bank Plan: Leave The Constitution Alone Says Ramaphosa

Constitution should not be tampered with, he says.

24/06/2017 07:46 SAST | Updated 24/06/2017 07:46 SAST
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Deputy President Cyril Ramaphosa has slammed Public Protector Busisiwe Mkhwebane's suggestion that the Constitution be amended to change the mandate of the SA Reserve Bank.

In a speech delivered at the SA Communist Party's Gala Dinner on the East Rand on Friday night, Ramaphosa said the country's Constitution should not be tampered with.

"We must view with concern suggestions that the constitutional mandate of institutions like the Reserve Bank should be summarily changed. "These are matters that must be approached deliberately, supported by evidence, buttressed by solid arguments, and widely canvassed," he said.

He added that such a suggestion needed to be approached with a comprehensive understanding of the contribution that institutions such as the Reserve Bank made to the stability of the economy.
"And, hence, the contribution that such institutions make to our ability to fulfil our mandate for fundamental transformation."

On Monday, Mkhwebane released findings of a probe into a bailout for Bankorp in the 1980s, which was later bought by Absa. She recommended that the Special Investigating Unit begin procedures aimed at recovering the money.

Absa denies that it owed SARB R1.125-billion, saying it met that obligation by October 1995.

Mkhwebane also recommended that Parliament amend a paragraph in the Constitution that removes reference to "protect the value of the currency". -- News24