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Nhlanhla Nene defends Reserve Bank as a shining star in SA

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Former finance minister Nhlanhla Nene. (Bloomberg)
Former finance minister Nhlanhla Nene. (Bloomberg)

Cape Town - The independence of the South African Reserve Bank (SARB) is one of the strengths of the country’s financial system, according to former finance minister Nhlanhla Nene.

He spoke to Fin24 after Public Protector Busisiwe Mkhwebane suggested that the government initiate a process to change the Constitution to alter the SARB’s primary objective.

The proposed amendments remove the reference to the SARB’s role to protect the value of the rand, which is a key element of the bank’s inflation-targeting mandate.

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