President Cyril Ramaphosa says he won’t budge on SARB issue

President Cyril Ramaphosa says he won’t budge on SARB issue

- Discussions around SARB have been heating up recently, but South African President, Cyril Ramaphosa, says he will stand firm

- There is a great deal of uncertainty surrounding SARB currently and parties have requested that Ramaphosa broach the topic extensively at the next SONA

- Some ANC members wish to extend the mandate of the bank, but Ramaphosa says that he considers the matter closed

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Members of the African National Congress (ANC), as well as other political parties, have been putting pressure on South African President, Cyril Ramaphosa, when it comes to decisions regarding the South African Reserve Bank (SARB).

Ramaphosa has said that issues surrounding SARB are not up for debate, IOL reported.

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The SA president went on to say that he would stand by the SARB, in order to keep up its reputation in international markets.

Earlier this week, ANC Secretary General, Ace Magashule, told the public that the National Executive Committee (NEC) had agreed to add growth and employment to SARB’s mandate.

However, Finance Minister Tito Mboweni and ANC head of economic transformation Enoch Godongwana, said that this was not the case.

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Briefly.co.za gathered that Cosatu and the South African Communist Party (SACP) came out in support of the extension of the SARB’s mandate.

ANC Head of the Presidency, Zizi Kodwa, responded that the President would not be opening up the issue to debate.

Ramaphosa is expected to address the topic of SARB at the upcoming SONA address, focusing in particular on the vacancies within the State Owned Enterprise (SOE).

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Source: Briefly.co.za

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