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S&P warns of more downgrades over proposed changes to SARB mandate

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Cape Town - S&P Global has warned that South Africa’s credit rating could be downgraded further if government takes up the recommendation to change the Constitutional mandate of the South African Reserve Bank (SARB).

"We would consider it critical that the operational independence of the Reserve Bank remains untouched lest we would see weakening policy flexibility in monetary affairs," S&P sovereign analyst Moritz Kraemer told Reuters on Tuesday.

"Depending on the severity of the changes (to SARB’s independence), a rating action could indeed be one consequence."

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