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Thread: Rand tanks as Public Protector opens Pandora’s box on currency laws

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    Default Rand tanks as Public Protector opens Pandora’s box on currency laws

    Rand tanks as Public Protector opens Pandora’s box on currency laws
    She wants section 224 of the Constitution to read:

    “The primary object of the South African Reserve Bank is to promote balanced and sustainable economic growth in the Republic, while ensuring that the socio-economic well-being of the citizens are protected.

    “The South African Reserve Bank, in pursuit of its primary object, must perform its functions independently and without fear, favour or prejudice, while ensuring that there must be regular consultation between the Bank and Parliament to achieve meaningful socio-economic transformation.”

    Mkhwebane’s suggestion removes reference to “protect the value of the currency”, Bloomberg told traders on Monday.
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    Is this really where the PP should get involved. This seems a bit above her pay grade.
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    Default Rand tanks as Public Protector opens Pandora’s box on currency laws

    Cape Town – The rand tanked on Monday after the Public Protector recommended changes to the Constitution that would see the removal of a clause to protect the currency.

    The rand lost 20c to the dollar on the news and sank by 1.44% to trade at R13 to the dollar at 14:25.

    WTF, are the Zuptas trying to cook up here?

    http://www.fin24.com/Markets/Currenc...-laws-20170619
    Last edited by yebocan; 19-06-2017 at 03:06 PM.
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  4. #4

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    Quote Originally Posted by Vrotappel View Post
    Is this really where the PP should get involved. This seems a bit above her pay grade.
    Not to mention her level of comprehension.

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    Quote Originally Posted by Vrotappel View Post
    Is this really where the PP should get involved. This seems a bit above her pay grade.
    being a member of the Zuptas team...wonder wtf they trying now again.
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    Super Grandmaster Ho3n3r's Avatar
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    Rand tanks as Public Destroyer opens Pandora’s box on currency laws
    FTFY.
    Handtekening

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    Quote Originally Posted by yebocan View Post
    being a member of the Zuptas team...wonder wtf they trying now again.
    I think they are trading currency. Buy lots of dollars before the announcement, sell afterwards. Profit.
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    Opening up the floodgates for normalizing inflation above 10%.

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    Link to source?
    DANGER

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    ooops sorry...updated..Can a mod pls merge thread with

    https://mybroadband.co.za/vb/showthr...-currency-laws

    Thanks
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    http://www.fin24.com/Markets/Currenc...-laws-20170619

    Idiotic. If the currency collapses it would destroy the livelihood of almost every citizen of this country Zim style. Can these people not ever look north of the border and learn for once from other people's mistakes!
    Those who do not learn from history are doomed to repeat it.

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    Bills amending the Constitution
    74.
    (1) Section 1 and this subsection may be amended by a Bill passed by—
    (a) the National Assembly, with a supporting vote of at least 75 per cent of its
    members; and
    (b) the National Council of Provinces, with a supporting vote of at least six
    provinces.
    (2) Chapter 2 may be amended by a Bill passed by—
    (a) the National Assembly, with a supporting vote of at least two thirds of its
    members
    ; and
    (b) the National Council of Provinces, with a supporting vote of at least six
    provinces.
    (3) Any other provision of the Constitution may be amended by a Bill passed—
    (a) by the National Assembly, with a supporting vote of at least two thirds of its
    members; and
    (b) also by the National Council of Provinces, with a supporting vote of at least six
    provinces, if the amendment—
    (i) relates to a matter that affects the Council;
    (ii) alters provincial boundaries, powers, functions or institutions; or
    (iii) amends a provision that deals specifically with a provincial matter
    http://www.justice.gov.za/legislatio...on-web-eng.pdf

    Let's see what happens.
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    Quote Originally Posted by Cius View Post
    http://www.fin24.com/Markets/Currenc...-laws-20170619

    Idiotic. If the currency collapses it would destroy the livelihood of almost every citizen of this country Zim style. Can these people not ever look north of the border and learn for once from other people's mistakes!
    That would require braincells that can function together.
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    Time is almost at an end.

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    ... and just this morning I was telling staff how good it is that the Randette seems to have stopped wobbling...

    Ah well. Mayibuye iAfrika.

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