Finance Minister Tito Mboweni and South African Reserve Bank (SARB) governor Lesetja Kganyago have reaffirmed their commitment to the independence of the central bank.
In a joint statement following a meeting in Pretoria on Thursday, they emphasised that the effective coordination of fiscal and monetary policy was a central pillar of good macroeconomic management and policy certainty.
They say this coordination reduces any potential or unnecessary uncertainty around the formulation and implementation of the macro-economic framework.
Last month, a statement by African National Congress Secretary-general Ace Magashule about the ruling party’s resolutions to expand the central bank’s mandate beyond price stability to include growth and employment caused a public spat within the party with both Mboweni and the ANC’s head of economic transformation Enoch Godongwana denying that such a decision was taken.
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