Supplementary Budget 2020

Mboweni: I don't want to control SARB

Governor of the SA Reserve bank Lesetja Kganyago.
Governor of the SA Reserve bank Lesetja Kganyago.

Minister of Finance Tito Mboweni told reporters ahead of his 2019 Budget speech in Cape Town on Wednesday that he had great confidence in the South African Reserve Bank's abilities to run its own affairs independently and did not want these powers transferred to his office.

In a veiled reference to the Economic Freedom Fighters' proposed South African Reserve Bank Amendment Bill, Mboweni said there were more pressing things to worry about in Government than taking control of the SA Reserve Bank.

"The central bank is a credible organisation and it must be applauded for its work and given the space to continue to do its work. I don't want to influence the central bank or the governor (Lesetja Kganyago). In fact, I feel like he writes to me too often. I'm fine with what I have to do," said Mboweni.

This comes as the African National Congress has made varying remarks on the matter of nationalising the SA Reserve Bank, with Deputy President David Mabuza saying in a written reply to Parliament that nationalisation needs not undermine the SA Reserve Bank's independence.

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