The public protector's proposal to change the mandate of South Africa's Reserve Bank goes well beyond changing individual rules to overturning their very foundation, anchored in the Constitution.
A financial system that is sure to collapse if the central bank cares about people’s well-being goes against democratic principle.
South Africa's Public Protector, Busisiwe Mkhwebane has touched on two highly contentious issues: the unresolved bailout for a local bank three decades ago. And the role of the country's Reserve Bank.
How did a small South African bank manage to rise through the ranks at a time when consumer and investor confidence was at a low?
Were South African banks within their legal rights to close a politically influential family's accounts?