CAPE TOWN, July 10 (Xinhua) -- President Cyril Ramaphosa on Wednesday vowed to maintain stability at the central bank, amid calls to change the bank's mandate.
Ramaphosa was speaking as he reappointed Lesetja Kganyago as governor of the central bank, known as the South African Reserve Bank (SARB).
The president also appointed Fundi Tshazibana and Rashad Cassim as deputy governors of the SARB.
Kganyago, Tshazibana and Cassim will all serve a five-year term.
"These appointments were directed at strengthening capacity and maintaining stability at this critical national institution," Ramaphosa said.
This came amid growing calls within the ruling African National Congress (ANC) to change the SARB's mandate after ANC Secretary-General Ace Magashula last month accused the bank of failing to map out policies to boost economic growth and urged the government to broaden the SARB's mandate.
Magashula's remarks rattled investors, hit the rand currency and exposed worsening divisions among state institutions in South Africa.
The SARB has been privately owned since its establishment in 1921, formulating and implementing monetary policy as one of its main functions.
Earlier, Ramaphosa added its voice to the opposition against changing the SARB's mandate, saying the SARB must pursue independently, without fear, favor or prejudice.
He said the country's Constitution mandates the SARB to protect the value of the local currency in the interests of balanced and sustainable growth.
