South African court quashes anti-graft watchdog proposal to change central bank's mandate

Reuters News
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Posted: Aug 15, 2017 4:29 AM

PRETORIA (Reuters) - A South African court on Tuesday set aside a proposal by the anti-graft watchdog to switch the target of its monetary policy from inflation and currency stability to economic growth.

The rand turned positive on the announcement, firming 0.06 percent to 13.3150 rand by 0823 GMT.

The head of the anti-graft agency Busisiwe Mkhwebane set off a political row in June and sparked a selling frenzy in the rand currency with her proposal, which the central bank challenged in court.

(Reporting by Mfuneko Toyana; Writing by TJ Strydom; Editing by James Macharia)