Sarb's Kganyago raised red flag on Gupta bank probe

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Sarb governor Lesetja Kganyago. (Lisa Hnatowicz)
Sarb governor Lesetja Kganyago. (Lisa Hnatowicz)

Cape Town – South African Reserve Bank (Sarb) governor Lesetja Kganyago raised his concerns about possible political interference in the operations of banks as early as April this year. 

In a letter that formed part of an affidavit submitted to the North Gauteng High Court in Pretoria on Friday by Finance Minister Pravin Gordhan, Kganyago reacted to a Cabinet resolution in April that certain ministers engage with banks who had terminated their relationship with the Gupta family. 

“We caution against the unintended consequence of this being viewed as undue political interference in banks’ operations, and restricting the ability of banks to make independent operational decisions within the parameters of the existing legal and regulatory frameworks,” Kganyago wrote. 

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