July 5, 2017 / 2:16 PM / in 4 months

South Africa's Gigaba to challenge proposal on cenbank mandate in court

JOHANNESBURG, July 5 (Reuters) - South Africa’s Finance Minister Malusi Gigaba said on Wednesday he would challenge in court a proposal by the anti-graft watchdog to change the central bank’s mandate of maintaining currency and price stability to focus instead on growth.

“The Minister believes that the proposed constitutional amendment is not necessary. The Constitution does not contemplate the protection of the currency for its own sake, but specifically in the interest of balanced and sustainable economic growth,” the ministry said in a statement.

“There is no intention in the part of the executive to amend the constitution in any manner.” (Reporting by Olivia Kumwenda-Mtambo; Editing by James Macharia)

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