July 10, 2017 / 3:27 PM / a month ago

S.Africa's graft watchdog won't challenge central bank in court over mandate

JOHANNESBURG, July 10 (Reuters) - South Africa's anti-graft watchdog will not oppose a court challenge against her binding proposal calling for a change to the mandate of the central bank, her office said on Monday.

Busisiwe Mkhwebane recommended last month that the South African Reserve Bank's (SARB) mandate of maintaining price and currency stability be changed to focus on economic growth. That prompted court challenges from the central bank, the finance ministry and parliament.

"Having considered the legal advice from the Senior Counsel, which advice she accepted, the Public Protector, Advocate Busisiwe Mkhwebane has decided not to oppose SARB’s review application," Mkhwebane's office said in a statement. (Reporting by Tiisetso Motsoeneng; Editing by James Macharia and Catherine Evans)

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