{"id":183335,"date":"2017-07-04T07:21:36","date_gmt":"2017-07-04T05:21:36","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=183335"},"modified":"2017-07-04T07:21:36","modified_gmt":"2017-07-04T05:21:36","slug":"gigaba-forced-to-side-with-reserve-bank-against-public-protector-report","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/183335\/gigaba-forced-to-side-with-reserve-bank-against-public-protector-report\/","title":{"rendered":"Gigaba forced to side with Reserve Bank against public protector: report"},"content":{"rendered":"<p>Finance Minister Malusi Gigaba\u00a0is preparing to join the Reserve Bank in its review of Public Protector Busisiwe Mkhwebane\u2019s report on the Bankorp bail-out.<\/p>\n<p>According to a report by <a href=\"https:\/\/www.businesslive.co.za\/bd\/national\/2017-07-04-gigaba-set-to-side-with-reserve-bank\/\" target=\"_blank\" rel=\"noopener\">BusinessDay<\/a>,\u00a0Gigaba met with\u00a0Mkhwebane last week\u00a0to discuss the report, in an attempt to explore whether parts of it could be rescinded.<\/p>\n<p>However, because the report is final,\u00a0Gigaba has no option but to take the report on review if he did not accept the findings.<\/p>\n<p>This means that while he is unlikely to disagree with\u00a0Mkhwebane&#8217;s proclamation that the South African government is allowed to recover R1.125 billion from\u00a0Absa bank, he is likely to object to\u00a0Mkhwebane\u2019s recommendations that the Reserve Bank\u2019s mandate in the Constitution be changed.<\/p>\n<p>According to the Reserve Bank, the public protector&#8217;s recommendation to change its mandate\u00a0could wipe R138 billion from SA\u2019s economy.<\/p>\n<p>They noted that aside from already pushing the rand weaker with the recommendations in the first place, the changes would also lead to further ratings downgrades, and a subsequent removal from international indices, irreparably damaging an already strained economy.<\/p>\n<p>Gigaba has until Friday, 7 July, to officially lodge his application.<\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a href=\"https:\/\/businesstech.co.za\/news\/banking\/182929\/public-protector-either-ignored-or-misunderstood-us-absa\/\" target=\"_blank\" rel=\"noopener\">Public protector either ignored or misunderstood us: Absa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance Minister Malusi Gigaba\u00a0is preparing to join the Reserve Bank in its review of Public Protector Busisiwe Mkhwebane\u2019s report on the Bankorp bail-out.<\/p>\n","protected":false},"author":10,"featured_media":52621,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[26],"class_list":["post-183335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/183335","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=183335"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/183335\/revisions"}],"predecessor-version":[{"id":183345,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/183335\/revisions\/183345"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/52621"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=183335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=183335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=183335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}