The Reserve Bank committed to taming inflation – Lesetja Kganyago
The Reserve Bank will stick to its mandate and act to tame high inflation, according to Reserve Bank governor Lesetja Kganyago, as consumers brace for another potential interest rate hike later this month.
South Africans, already under financial pressure, have faced consecutive hikes since the start of the upward cycle in November 2021. Raising rates is the Reserve Bank’s tool to control high inflation.
Meanwhile, the Rand weakened to a three-year low against the US Dollar amid fears of crippling, rolling blackouts. The local currency was trading at nearly R19 on Wednesday against the Greenback. Energy experts warn of higher stages of power cuts this winter.
Lesetja Kganyago won’t be commenting on Phala Phala probe or any ongoing
Reserve Bank Governor Lesetja Kganyago is yet to give an update on the Phala Phala farm investigation.
Speaking on the sidelines of former president Kgalema Motlanthe Foundation’s Inclusive Growth Forum on Saturday – Kganyago said he will not be commenting on the ongoing investigation.
The SARB, the South African Revenue Services, the Public Protector’s office, the Specialised Policing Unit and the Hawks are some institutions investigating a criminal complaint laid against President Cyril Ramaphosa.
Kganyago says he cannot comment on the investigation as yet.
“In terms of any investigations, we take a view that we do not comment on any investigation that we are currently engaged in because we do not want to undermine the process of investigation and as such, I have got no further comments”.
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