Ramaphosa puts foot down in SARB squabble: This policy has not changed

Ramaphosa puts foot down in SARB squabble: This policy has not changed

While ANC politicians squabble over the South African Reserve Bank and whether or not it should be nationalised, the president has put his foot down. Ramaphosa has made it clear that the Union Buildings are the nation's central power, not Luthuli House.

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President Cyril Ramaphosa has stepped in to put the squabble over the South African Reserve Bank to rest.

In a statement, the president reaffirmed the mandate of the central bank, commenting that:

"It is our desire for the South African Reserve Bank to be publicly owned. However, we recognise that this will come at a cost, which, given our current economic and fiscal situation, is simply not prudent."

Ramaphosa insists that the policy has not changed, explaining that the mandate must be exercised in regular consultation with government through the Cabinet minister responsible for national financial matters, reports the eNCA.

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READ ALSO: SA weighs in on Mboweni and Magashule's SA Reserve Bank drama

Briefly.co.za reported earlier that comments made by ANC Secretary-General Ace Magashule on the nationalisation of the bank had sparked a comeback from Finance Minister Tito Mboweni, who rubbished his claims.

Ramaphosa has dubbed the public altercation as 'unhelpful', saying in his statement that:

"The officials viewed the recent public spats about the mandate of the South African Reserve Bank as not being helpful, and mitigating and undermining the confidence of citizens and of investors."

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Source: Briefly.co.za

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