ANALYSIS: Tito’s Ace damage control is ‘not enough’ to save SA
SA’s big financial hitters have weighed in on his Reserve Bank remarks, but Cyril needs to step in to calm jittery markets, analysts warn
The country’s economic titans have moved to counter the fallout over an ANC statement on the SA Reserve Bank, with finance minister Tito Mboweni slating “reckless statements” that undermine efforts to stabilise the economy.
The rand took a beating and the markets were spooked following ANC secretary-general Ace Magashule’s announcement on Tuesday that the party’s weekend lekgotla had agreed to expand the mandate of the Reserve Bank “beyond price stability to include growth and employment”.
“It also directed the ANC government to consider constituting a task team to explore quantity [sic] easing measures to address intergovernmental debts to make funds available for developmental purposes,” Magashule told a media briefing...