The ANC insists that it will not tinker with the mandate of the SA Reserve Bank (SARB), despite its election manifesto stating that monetary policy had to take employment and economic growth into account.
Enoch Godongwana, the party's head of economic transformation, told Sowetan's sister newspaper Business Day that the intention behind the promise on the SARB was "to improve co-ordination between fiscal and monetary policy".
However, analysts have warned that the manifesto points to uncertainty about the party's commitment to the Bank's independence.
While the manifesto speaks to the mandate of the SARB, its mandate cannot be changed without an amendment to the constitution.
The ruling party said in its manifesto: "The ANC believes that the South African Reserve Bank must pursue a flexible monetary policy regime, aligned with the objectives of the second phase of the transition. Without sacrificing price stability, monetary policy must take into account other objectives such as employment creation and economic growth."