South African President Cyril Ramaphosa reaffirmed that there are no immediate plans to reevaluate the mandate of the South African Reserve Bank (SARB) to include a focus on job creation.
Responding to a suggestion by an African National Congress (ANC) MP, he stated that while the reserve bank should consider broader objectives such as employment creation and economic growth without sacrificing price stability, there is currently no intention to review SARB’s mandate.
President Ramaphosa defended SARB’s approach, emphasizing that it has effectively served the country’s interests. He also underscored the importance of maintaining the bank’s primary objective of protecting the currency without any bias.