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Cape Town – The South African Reserve Bank maintained that it is an independent institution after ANC bigwig Jessie Duarte inferred that it was failing to protect the rand because it is privately owned.

The bank said in a statement yesterday in carrying out its mandate, it does not bow to any pressure, whether it be political or from the private sector.

“The SARB accounts to the people of South Africa through Parliament,” it said.

In an interview with the Gupta-owned ANN7, Duarte, who is the ANC’s deputy secretary general, inferred that the reserve bank was failing to protect the rand.

“The South African Reserve Bank needs to cushion the rand, but the Reserve Bank itself is privately owned and that is a difficulty,” she said.

She was speaking out on the Hawks investigation involving issues surrounding Finance Minister Pravin Gordhan, which has caused market uncertainty and seen the rand lose over R1/$ in the last two weeks, declining from around R13.30 to R14.43.

“We wish to reiterate that the shareholding structure of the Reserve Bank has no bearing on any policy decisions that the executive management of the Reserve Bank, being the governor and deputy governors, takes in implementing the Reserve Bank’s constitutional mandate,” it said.

“Neither the Board nor the SARB’s shareholders have any say or influence over policy decisions. The board of directors is responsible for the governance of the SARB.” — fin24