Sarb denies instructing banks on KPGM

The South African Reserve Bank (Sarb) has denied that it told the country’s big four banks that they cannot fire KPMG, stating categorically on Friday that it had not instructed banks on what steps they should or should not take with regards to their contracts with the embattled auditing firm. “As stated by Governor Lesetja Kganyago in a statement issued at the Monetary Policy Committee media conference on September 21, the Sarb’s interest in the KPMG matter stemmed from a public policy perspective, arising from the Sarb’s mandate to regulate banks and ensure the stability of our financial system,” the reserve bank said in a statement.