Statement on recent comments by the ANC’s Deputy Secretary General
30 August 2016
The South African Reserve Bank (SARB) has noted recent comments by the ANC’s Deputy Secretary General, Jessie Duarte, that: "Our (South African) Reserve Bank needs to cushion the rand but the Reserve Bank itself is privately owned and so we have a difficulty”.
The statement has resulted in media enquiries regarding the SARB’s independence. We wish to reiterate that the shareholding structure of the SARB has no bearing on any policy decisions that the executive management of the SARB, being the Governor and Deputy Governors, takes in implementing the SARB’s constitutional mandate.
The SARB Act confers original powers on the Governor and Deputy Governors with regard to the management of the SARB and execution of policy. The Governor and Deputy Governors take decisions independently, without fear, favour or prejudice.
Monetary policy decisions are taken by the Monetary Policy Committee (MPC), which comprises the Governor, the three Deputy Governors, and two officials of the SARB, and is chaired by the Governor.