Science

S.Africa's central bank says studying watchdog's report that rattled currency

S.Africa's central bank says studying watchdog's report that rattled currency

She specifically asked for the removal from the constitution of the phrase "to protect the value of the currency" that has been central to South African monetary policy since the end of white-minority rule in 1994.

Pierre de Vos‚ a constitutional law expert‚ said the Public Protector was not authorised by the Constitution to order a democratically elected government to amend the Constitution.

It is unclear why she deviated into monetary policy as she delivered her findings against Barclays Africa, a tangent that Nomura emerging markets economist Peter Attard Montalto described as touching "Pandora's Box".

Absa responded to findings by the Public Protector's office saying that the conclusions made were legally and factually flawed on Monday.

Nevertheless, he said, any changes to the central bank's mandate were unlikely to happen in the short to medium run given the legal resistance the SARB was likely to mount. We have not yet received a copy of the report and we are urgently requesting the Public Protector's Office to send it to us.

Public Protector Busisiwe Mkhwebane wants government to recover more than R1 billion in alleged misappropriated public funds awarded to Absa in a series of apartheid-era bailouts.

The NGO's Director Paul Hoffman says the bailout was illegal and there was evidence of maladministration by the new South African government in its failure to follow up on misappropriated money.

I am opposing the review by the President, including the Minister Zwane and Minister van Rooyen's applications because remember, they've also applied for judicial review to set aside the whole report.

The Public Protector, a constitutionally-mandated watchdog, released the report in November a year ago, after an extensive probe over allegations of influence-peddling against Zuma, whose administration has been marred by scandals.