NATIONAL NEWS - The South African Reserve Bank (SARB) said on Tuesday it is proceeding with its legal challenge to the Public Protector's findings over an apartheid-era bailout of a bank subsequently bought by Absa, now a unit of Barclays Africa Group.
"The SARB will proceed with a separate application for the review of the Public Protector’s report and evidential factual inaccuracies therein," the bank said in a statement.
The central bank, however, said it was consulting its legal team on how to proceed with its challenge to Public Protector Busisiwe Mkhwebane's recommendation that the bank's constitutional mandate be changed after she decided not to oppose such a challenge.
On Monday Mkhwebane announced that she would not be opposing the Sarb's application to overturn her findings that the mandate of the bank must be changed.
In a report on the Bankorp bailout, she found that the inflation targeting mandate of the bank must be changed before the Reserve Bank said it would go to court to review that finding.
