SARB files court challenge against proposal over its mandate

The South African Reserve Bank (SARB) said on Tuesday it has filed an application to the High Court challenging a recommendation by the country's main anti-graft watchdog to change the bank regulator's mandate. Governor Lesetja Kganyago said in court filings that the proposal by Public Protector Busisiwe Mkhwebane to strip the bank's mandate of maintaining currency and price stability would undermine SARB's role in keeping the financial system stable.