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Sarb says studying watchdog’s report that rattled currency

The rand took a dive on Tuesday.

JOHANNESBURG – The South African Reserve Bank said on Monday it was studying the Public Protector’s report into an investigation on the apartheid-era bailout of Barclay’s Africa Group that included comments on the central bank that rattled the rand.

Public Protector Busisiwe Mkhwebane, an anti-graft watchdog, recommended constitutional changes to make the central bank promote economic growth rather than currency and price stability.

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). She also said the government and the Reserve Bank had failed in their role.

“The South African Reserve Bank (Sarb) is still studying the Public Protector’s report on the loan granted to Bankorp and will thereafter announce its response to the findings and remedial actions,” the bank said in a statement. 

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Mark Swanepoel

Mark Swanepoel

Axiomatic Consultants
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