South Africa needs to protect central bank independence – Fin Minister

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South Africa's Finance Minister Malusi Gigaba speaks at the World Economic Forum on Africa 2017 meeting in Durban, South Africa, May 4, 2017. REUTERS/Rogan Ward
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LONDON (Reuters) – The independence of South Africa’s central bank is paramount, Finance Minister Malusi Gigaba said on Tuesday, adding he was weighing whether to back the bank in seeking a court review of a recommendation that its mandate be changed.

A row over the independence of the South African Reserve Bank erupted this week after a public watchdog recommended it change its mandate from maintaining currency and price stability to acting in the interests of ordinary citizens.

“We need to protect at all times the independence of the South Africa Reserve Bank so we don’t subject it to undue influence from anybody,” Gigaba told Reuters in an interview.

(Reporting by Karin Strohecker and Claire Milhench; Editing by Richard Balmforth)

 

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