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SARB seeks urgent court review to set aside Public Protector’s ‘unlawful’ action

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Cape Town – The South African Reserve Bank (SARB) said Public Protector Busisiwe Mkhwebane’s remedial action seeking Parliament to change the Constitution regarding the bank's mandate to protect the value of the rand “falls outside her powers and is unlawful”.

“The Reserve Bank has been advised to bring urgent review proceedings to have the remedial action set aside,” the SARB said in a statement on Tuesday. “The Reserve Bank has resolved to do so.

"The Reserve Bank has consulted its legal team and has been advised that the remedial action prescribed by the Public Protector falls outside her powers and is unlawful.”

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