Rand tanks as Public Protector opens Pandora's Box on currency laws


The ANC can not really muster the support to change the Constitution in parliament and would require a two thirds majority.

The Public Protector had recommended that Parliament amend the Constitution regarding the powers of the Reserve Bank.

In her findings, Mkhwebane found that the Reserve Bank and the government failed to recover R1.125 billion from Bankorp for irregular monetary gifts granted to it during apartheid.

There were also fears the Public Protector's comments could contribute to policy uncertainty, with the Sarb cited by ratings agencies as a beacon of strength.

Talks on British exit from European Union begin in Brussels
Both sides were keen to stress they were entering the talks, which they hope will reach agreement in autumn 2018, in good faith. Barnier however said that "a fair deal is possible and is far better than no deal - that is what I said to David today".

The proposal comes at a "sensitive time and is highly unsafe", Peter Attard Montalto, an economist at Nomura International, said by email.

"While it seems unlikely that any change will happen immediately, the fact that this matter is being raised now is negative for South Africa at a time when the country is economically vulnerable". Inflation targeting, he said, is necessary in the current economic climate and in order for it to be achieved, the bank's central mandate must remain constant.

"The Reserve Bank has been advised to bring urgent review proceedings to have the remedial action set aside".

The Constitution now states: "The primary object of the South African Reserve Bank is to protect the value of the currency in the interest of balanced and sustainable economic growth in the Republic".

Robert Mueller gifts probe to US President Donald Trump for birthday
It was not immediately clear whether the Federal Bureau of Investigation was the source of the information. Comey was sacked on May 9, according to people familiar with the matter, the Washington Post said.

"We will continue to honour our constitutional mandate and the trust placed in us by the South African society", he said.

The amount of 1.125 billion rand represents the interest accrued from the central bank's loans, Mkhwebane said.

In December Zuma, who has denied wrongdoing and faced down calls for his resignation over a series of scandals that have plagued his administration, asked the High Court to set the report aside.

Investors were already expressing concern about the central bank row.

Ronaldo only leaving if a club pays €1billion exit clause, insists Perez
Perez's opponents have criticised reforms in the club statutes which have toughened criteria for aspiring candidates. De Gea has continued to be linked with Real but Perez said: "For the time being, we haven't spoken to De Gea".