SOUND MONEY
South Africans deserve a stable currency. We advocate for greater independence of the Reserve Bank, a rules-based monetary policy, and clarity on the status of cryptocurrencies.
Reserve Bank
South Africans should have access to reliable mediums of exchange that will not be unjustifiably devalued, restricted, or threatened.
- Amend the Reserve Bank Act to create additional degrees of separation between the bank and the executive.
- When appointing members to the board of the Reserve Bank, the President should favour those candidates who prefer a clear, rules-based approach to monetary policy, which limits the discretion of the Monetary Policy Committee to provide greater predictability and trust to economic actors.
- Amend the Reserve Bank Act to strengthen the emphasis on the bank’s core mandate to protect the value of the currency, even if that overrides other concerns of public interest.
- Provide legislative clarity on the status of cryptocurrencies such as Bitcoin as legitimate mediums of exchange and revoke any provisions that constitute unreasonable and onerous burdens on the market.
