SARB integrity must be protected
24 August 2023
Today, the DA has submitted a request, in terms of the Promotion of Access to Information Act (PAIA) for the South African Reserve Bank (SARB) to release the report on their investigation into allegations that President Ramaphosa contravened Exchange Control Regulations.
In its media release on 21 August, the SARB stated that it had, on 14 August, finalized its investigation into the Phala-Phala matter. In this media release the SARB stated that “due to legislative requirements and constraints”, the investigation report into the matter will remain internal and private and will not be made available to the public.
The media release did however indicate its finding that the transaction in question was “not perfected” and that they therefore could not conclude that a contravention had occurred. This finding is puzzling and sets a dangerous precedent.
The law does not permit foreign currency to be held longer than prescribed timeframes and the SARB must uphold the law without fear, favour, prejudice or political interference. Moreover, the media release was completely silent on the apparent fact that foreign currency was actually held. Whether the transaction was completed or not is irrelevant.