NEWS

The SARB Will Not Back Down Against The Public Protector

The SARB will proceed with a separate application for the review of the public protector’s report and "evidential factual inaccuracies therein".

11/07/2017 10:56 SAST | Updated 11/07/2017 10:56 SAST
Phill Magakoe/AFP/Getty Images
South Africa's Public Protector Busisiwe Mkhwebane speaks to journalists during a press briefing where she released reports on various investigations on June 19, 2017 in Pretoria.

The South African Reserve Bank will continue with its application for the review of the public protector's report, despite Busisiwe Mkhwebane's announcement that she would not oppose the bank's high court application.

In a statement on Tuesday, the SARB said they have noted the decision by Mkhwebane's office not to oppose its application to the High Court for the urgent review of her remedial action directing parliament to effect a constitutional amendment to the bank's powers.

"The SARB is consulting its legal team about the way forward...the SARB will proceed with a separate application for the review of the public protector's report and evidential factual inaccuracies therein," the SARB said.

Advocate Busisiwe Mkhwebane recommended that the bank's mandate be changed from one of maintaining currency stability to one of taking responsibility for economic growth. It set off court challenges by Absa, finance minister Malusi Gigaba, the Reserve Bank and Speaker of Parliament Baleka Mbete.

After initially deciding to oppose the court case, on Monday, Mkhwebane's office said she had changed her mind.

In a statement, Mkhwebane's office reportedly said: "Having considered the legal advice from the senior counsel, which advice she accepted, the Public Protector, Advocate Busisiwe Mkhwebane has decided not to oppose SARB's review application."

The SARB previously accused Mkhwebane of overreaching on her mandate by dictating to Parliament that it had to amend the Constitution and the bank's mandate.