JOHANNESBURG, June 30 (Xinhua) -- The independence of the country's central bank need to be respected, South African Finance Minister Melusi Gigaba said on Friday.
Gigaba said the public protector, an anti-corruption agency, does not have the powers to instruct Parliament to amend the Constitution.
Last week, Public Protector Busisiwe Mkhwebane recommended the reserve bank of the country to change its inflation mandate. Her recommendations spooked investors, and the local currency tumbled.
"The public protector does not have the power to direct parliament to amend the constitution," the finance minister told business leaders at the start of a policy conference of the ruling African National Congress (ANC).
He emphasized the need for independence of the reserve bank. "We should all insist on the independence of the South African Reserve Bank."
South Africa's economy faces challenges, among them slow growth, rising unemployment, and is in technical recession after being downgraded to sub investment, he said, adding there was need for drastic measures for the economy to grow.
The ANC's six-day policy conference started on Friday and one of the key issues under discussion will be the state and direction of the economy. The conference will also give a roadmap on who will be the South Africa's next president. Enditem
