South Africa’s ANC commits to reserve bank mandate

Bloomberg

South Africa’s ruling African National Congress reaffirmed the central bank’s role, mandate and independence in an annual policy statement.
The assurance may allay fears of renewed attacks by some ANC leaders on the South African Reserve Bank in the run-up to the party’s national general council later this year. The gathering will mark the mid-point of the current ANC leadership’s term, when President Cyril Ramaphosa will face pressure to show he has made progress on some of the party’s more populist resolutions adopted in December 2017, including nationalising the bank.
The central bank last year came under criticism from labour unions and some senior ANC members who want interest rates to be reduced. They argue that the bank’s drive for low inflation is misplaced and that it should do more to boost growth.