S.Africa's central bank says studying watchdog's report that rattled currency

Mkhwebane was speaking during a media briefing held in Pretoria on Monday.

Sections in the Constitution on the Reserve Bank must be changed to say its primary objective is to "promote balanced and sustainable economic growth" and to ensure citizens' "socio-economic well-being" is protected.

"The South African Reserve Bank (Sarb) is still studying the Public Protector's report on the loan granted to Bankorp and will thereafter announce its response to the findings and remedial actions", the bank said in a statement.

"We will continue to honour our constitutional mandate and the trust placed in us by the South African society".

"This is quite unusual that a Public Protector has been so specific on changing the constitution or indeed be so radical on transformation", he said.

"I see the SARB leadership strongly and resolutely defending their independence and existing mandate including via court action if necessary", he said.

The report was released in November after Zuma unsuccessfully tried to stop it being made public.

Public Protector Busisiwe Mkhwebane wants government to recover more than R1 billion in alleged misappropriated public funds awarded to Absa in a series of apartheid-era bailouts.

Mkhwebane said her office found no evidence that government acted after the Ceix report was released. Once we have read it we will consider our legal options including seeking a High Court review.

His lawyers contend that it was unconstitutional for Madonsela to instruct Zuma to set up a judicial commission of inquiry and to stipulate that it must be lead by somebody appointed by Chief Justice Mogoeng Mogoeng, as these powers are strictly vested in the president alone.

Mkhwebane, responding to allegations of being captured by president Zuma, said: "I'm captured by the Constitution, not by anyone, I'm here to serve South Africans".