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South Africa court rejects bid to change central bank mandate

South Africa's high court turned down an attempt to change the mandate of the central bank so that it prioritizes raising economic growth instead of price and exchange rate stability, media reported.

Public Protector Busisiwe Mkhwebane on June 19 triggered a sell-off in the rand when she called a change to the nation's constitution to make the South African Reserve Bank focus on the "socioeconomic wellbeing of the citizens."

The high court said the proposal lacked merit, Reuters reported. The SARB had argued that the proposal went beyond the scope of the ombudsman's powers.