The ANC insists that it will not tinker with the mandate of the SA Reserve Bank, despite its election manifesto stating that monetary policy has to take employment and economic growth into account.
Enoch Godongwana, the party’s head of economic transformation, told Business Day that the intention behind the promise on the Bank was "to improve co-ordination between fiscal and monetary policy". However, analysts have warned that the manifesto points to uncertainty about the party’s commitment to the Bank’s independence.
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