June 19, 2017 / 6:44 PM / in 6 months

S.Africa's cenbank governor: currency, price stability aims are supportive of growth

JOHANNESBURG (Reuters) - The South African Reserve Bank’s mandate to keep inflation low and protect the value of the currency is supportive of economic growth, Governor Lesetja Kganyago said on Monday.

South Africa's Reserve Bank Governor Lesetja Kganyago speaks during a television interview at the World Economic Forum on Africa 2017 meeting in Durban, South Africa, May 4, 2017. REUTERS/Rogan Ward

“If we can keep inflation lower, anchoring inflation expectations, that should in turn generate a lower rate of interest to support the economy,” Kganyago told a business gathering.

“We will continue to honour our constitutional mandate and the trust placed in us by the South African society.”

His comments came after the Public Protector, an anti-graft agency, recommended constitutional changes to make the central bank promote economic growth rather than currency and price stability.

Reporting by Olivia Kumwenda-Mtambo; Editing by Toby Chopra

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