Governor of the South African Reserve Bank (SARB) Lesetja Kganyago on Wednesday appeared before Parliament’s Standing Committee on Finance to brief the Committee on its mandate, structure, governance and shareholding.
The Committee called on SARB to look into the issue of the high interest rate “which is making life difficult for both the poor and middle-income earners in South Africa.”
Committee Chairperson, Dr Joe Maswanganyi, said the committee is raising this matter not to instruct the central bank to lower the interest rate, but to seriously consider it an issue that is mostly affecting ordinary people on the ground.
The SARB briefed the committee as part of its capacity-building workshop. Furthermore, the presentation covered national payments, financial surveillance and prudential regulation.
The committee welcomed the SARB presentation and applauded the central bank for ranking 8th on transparency index out of 30 countries globally.
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