South Africa's anti-graft watchdog defends comments on central bank

She wants the SARB to promote economic growth than price stability and the currency.

The African National Women's League (ANCWL) has welcomed the Public Protector report which instructs the Special Investigating Unit (SIU) to recover misappropriated public funds given to Absa totalling over R1 billion.

Shares in Barclays Africa fell 2.61 percent to 142.68 rand by 1253 GMT.

Absa has noted the Public Protector's statement today regarding her investigation into the SA Reserve Bank's assistance to Bankorp between 1985 and 1995.

"I am opposing the review by the President, including the Minister Zwane and Minister van Rooyen's applications because remember, they've also applied for judicial review to set aside the whole report", she further said.

In her findings against Barclays, which trades under the name of Absa, Mkhwebane said the bank had unduly benefited from apartheid-era bailouts and must repay 1.125 billion rand ($87 million).

In an interview with 702 Talk Radio Busisiwe Mkhwebane also said that the central bank's mandate was focused on a "few commercial interests".

The central bank has a mandate from the government to target inflation between 3% and 6%.

Part of her remedial action recommended that Parliament amend sections of the Constitution that relate to the SARB's mandate and its powers in order to better protect South Africans.

Mkhwebane, responding to allegations of being captured by president Zuma, said: "I'm captured by the Constitution, not by anyone, I'm here to serve South Africans". Once we have read it we will consider our legal options including seeking a High Court review.

  • Zachary Reyes