SONA: Ramaphosa says that Reserve Bank will not be nationalised

SONA: Ramaphosa says that Reserve Bank will not be nationalised

- Cyril Ramaphosa says that the Reserve Bank will not be nationalised

- He stressed that it would remain focused on price stability and that its mandate would not expand

- In his address, the president also announced plans to allocate more funds to Eskom

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During his State of the Nation Address, President Ramaphosa stressed that the Reserve Bank's mandate would not be expanded.

This comes two weeks after Ace Magashule claimed that the ANC NEC had resolved to broaden the Reserve Bank's mandate beyond price stability.

"Today we reaffirm this constitutional mandate, which the Reserve Bank must pursue independently, without fear, favour or prejudice," Ramaphosa said.

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Magashule's comments about the Reserve Bank roiled markets, and were later dismissed by Finance Minister Tito Mboweni. In his speech, Ramaphosa echoed Mboweni's position and expressed a commitment to the original mandate of the Reserve Bank.

The president said that the Reserve Bank would continue in its current role as a guard against inflation, explaining that rising prices eroded purchasing power.

The Reserve Bank is one of several key issues Ramaphosa has touched on in his address. Additionally, he spoke about improving education to ensure that all 10-year-olds in the country can "read for meaning" and tackling poverty so that no South Africans go hungry.

The president also announced ambitious goals to halve violent crime in the next decade and create two million new jobs for the youth in the same time-frame, has gathered.

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Ramaphosa also said that he would table a bill to urgently reallocate funds to Eskom, saying that the SOE's stability was a matter "of grave concern".

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