South Africa's Top-Two Finance Chiefs Vow Respect -- Over Lunch
South Africa’s Top-Two Finance Chiefs Vow Respect—Over Lunch
(Bloomberg) -- South Africa’s constitution calls for regular consultation between the nation’s central bank and the finance minister, and the country’s highest law doesn’t say these meetings can’t be at a restaurant.
Finance Minister Tito Mboweni on Thursday tweeted a picture of himself and Reserve Bank Governor Lesetja Kganyago in the parking area of a Johannesburg restaurant.
“Two governors at lunch. Governor 8 and 10. Discussing national financial matters,” the minister, who was the 8th head of the central bank, said. Kganyago is the 10th person to hold the position.
Three hours later the Reserve Bank and the Treasury issued a joint statement saying that the two men met “as they routinely do, in line with section 224 (2) of the Constitution.”
The statement said that the Treasury respects the Reserve Bank’s independence and that the two institutions will refrain from commenting on each other’s policies. That came after Business Day newspaper reported newly appointed Deputy Finance Minister David Masondo suggested interest rates may be too high.
To contact the reporter on this story: Rene Vollgraaff in Johannesburg at rvollgraaff@bloomberg.net
To contact the editors responsible for this story: Benjamin Harvey at bharvey11@bloomberg.net, Gordon Bell
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