Absa report: Other ways to address wealth disparities in SA
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Economist Graeme Kerner says while the public protector's recommendation on the Reserve Bank's mandate warrants a national debate, there are other ways to address wealth disparities in the country.
This week, Busisiwe Mkhwebane proposed changing the central bank's focus from implementing monetary policy and targeting inflation, to focusing on the socio-economic well-being of citizens.
Mkhwebane made the recommendations after her investigation concluded that Bankorp - which was later bought by ABSA - benefited from a low interest loan from the Reserve Bank during the apartheid era.
Kerner says simply targeting the Reserve Bank to ensure the majority benefits economically is not the answer.
In her report, Mkhwebane said ABSA must repay the R1.1 billion bailout. ABSA is going to court to challenge the report.
This week, Busisiwe Mkhwebane proposed changing the central bank's focus from implementing monetary policy and targeting inflation, to focusing on the socio-economic well-being of citizens.
Mkhwebane made the recommendations after her investigation concluded that Bankorp - which was later bought by ABSA - benefited from a low interest loan from the Reserve Bank during the apartheid era.
Kerner says simply targeting the Reserve Bank to ensure the majority benefits economically is not the answer.
In her report, Mkhwebane said ABSA must repay the R1.1 billion bailout. ABSA is going to court to challenge the report.
