Page:Constitution of the Republic of South Africa 1993 from Government Gazette.djvu/65

128   No. 15466

(3) Expenditure incurred during the exercise and performance of the powers and functions of the Auditor-General in terms of this Constitution or under any other law shall be defrayed from money appropriated by Parliament for such purpose and from fees raised or money obtained in a manner authorised by an Act of Parliament.

Central Bank

195. The South African Reserve Bank, established and regulated by an Act of Parliament, shall be the central bank of the Republic.

Primary objectives

196. (1) The primary objectives of the South African Reserve Bank shall be to protect the internal and external value of the currency in the interest of balanced and sustainable economic growth in the Republic.

(2) The South African Reserve Bank shall, in the pursuit of its primary objectives referred to in subsection (1), exercise its powers and perform its functions independently, subject only to an Act of Parliament referred to in section 197  : Provided that there shall be regular consultation between the South African Reserve Bank and the Minister responsible for national financial matters.

Powers and functions

197. The powers and functions of the South African Reserve Bank shall be those customarily exercised and performed by central banks, which powers and functions shall be determined by an Act of Parliament and shall be exercised or performed subject to such conditions as may be prescribed by or under such Act.

Establishment

198. There is hereby established a Financial and Fiscal Commission.

Objects and functions

199. (1) The objects and functions of the Commission shall be to apprise itself of all financial and fiscal information relevant to national, provincial and local government, administration and development and, on the basis of such information, to render advice and make recommendations to the relevant legislative authorities in terms of this Constitution regarding the financial and fiscal requirements of the national, provincial and local governments, including—

financial and fiscal policies; equitable financial and fiscal allocations to the national, provincial and local governments from revenue collected at national level; taxes, levies, imposts and surcharges that a provincial government intends to levy; the raising of loans by a provincial or local government and the financial norms applicable thereto; criteria for the allocation of financial and fiscal resources; and any other matter assigned to the Commission by this Constitution or any other law.

(2) In performing its functions the Commission shall take into consideration, inter alia, the provisions of section 155  (4)(b) and any other provision of this Constitution.