Question NW4133 to the Minister of Finance
22 December 2023 - NW4133
Manyi, Mr M to ask the Minister of Finance
Whether he will furnish Mr M Manyi with a robust overview of the specific consultative measures he had with the SA Reserve Bank (SARB) to ensure that the SARB is fully aligned with its constitutional duty, particularly in light of recent developments suggesting vulnerabilities to manipulation through price-fixing and market allocation; if not, why not; if so, what are the relevant details of the concrete consultative measures or steps being taken to (a) fortify the regulatory framework and (b) pre-empt any future lapses in fulfilling the critical mandate?
Reply:
It is not clear to the Minister of Finance what specific consultative measures the Honourable member refers to. As enshrined in section 224(2) of the Constitution, the operational independence and autonomy of the South African Reserve Bank are constitutionally guaranteed. The Minister of Finance and the Governor of the South African Reserve Bank regularly interact so as to ensure the alignment of fiscal and monetary policy.
Whilst there is constant collaboration between the Minister of Finance and the South African Reserve Bank, the investigation into allegations of uncompetitive practices by banks was conducted by the Competition Commission, with neither the Minister of Finance nor the South African Reserve Bank taking part in it.