South African Reserve Bank governor Lesetja Kganyago has spoken out against the ruling party’s election pledge to widen the central bank’s mandate.
The central bank’s mandate requires it to “achieve and maintain price stability” by meeting an inflation target set by the government. The current target is year-on-year inflation of between 3% and 6%. Sarb in practice aims to keep year-on-year inflation at near 4.5%.
But ahead of the general elections scheduled for May 8, the ruling African