Ramaphosa: Policy on SARB 'has not changed'

President Cyril Ramaphosa has issued a statement reaffirming the mandate of the South African Reserve Bank and describing the current spat as "not helpful".

Describing discussions held at the ANC Lekgotla on 1-3 June, Ramaphosa said: "The Officials emphasised the policy positions of the ANC on the independence and role of the SARB as set out in the Constitution of the Republic of South Africa [which is] protecting 'the value of the currency in the interest of balanced and sustainable economic growth'".

This mandate should be exercised through the responsible cabinet minister, he added. "This policy has not changed," he said.

"It is our desire for the South African Reserve Bank to be publicly owned. However, we recognise that this will come at a cost, which given our current economic and fiscal situation, is simply not prudent."