Tito Mboweni Quotes

Tito Mboweni.

You can discuss risk management until the cows come home, but if there is no change in behaviour in the market, you'll never be able to conquer that beast.

If I don't understand something, I cannot give approval for it.

You have to understand the logic of capitalism if you are to manage a country in this modern age. If you don't understand the logic of capitalism and you think you can just appeal on the spirit of 'support for the new South Africa blah blah blah', I think you're living in a fool's paradise.

The test of any good CEO of a bank is whether they can stay calm when the seas are rough and the test of a good central banker is that you never show any panic even in difficult times. You show lots of confidence, even in difficult times.

A central bank governor must always be in touch with the CEOs of the private banks, but also with the chairpersons of the boards of directors of the private banks.

If we are not careful, a greater amount of our budget will be consumed by the public sector wage bill.

There needs to be complementarities between government and the private sector.

Without a banking institution that is sympathetic to the growth of black business, there will be no radical transformation. It's a pipe dream.

What the government in particular should focus on is the creation of a state bank. A state bank which will be sympathetic to black entrepreneurs.

Finance capital is at the centre of radical economic transformation.

I don't know why people think, by definition, we are so careless that we'd do anything to undermine national sovereignty.

Anybody who has ever negotiated with a lender will know that there's no lender which just throws money at you. If I have to lend you money, I have to be sure that you're going to return my money.

When I was learning about public finance, I was always taught that you first determine policy and then budget. Budget follows policy, not the other way around.

Narrow nationalism often leads to stagnation.

When you feel that you don't have the know how, go out into the world and get it without diminishing your own domestic effort to build your skills.

We had never ran a country before. We didn't know even where the restrooms were, but to try and find out all of this and we found out that we had inherited a fiscal mess. The deficit before borrowing in the public accounts was in the region of 12% of GDP.

One of the biggest challenges that emerging countries such as South Africa face is around global economic governance.

There is something wrong with the way the IMF and the World Bank are governed. Fundamentally wrong. The G7 countries have decided amongst themselves that the head of the IMF will always be a European and that the head of the World Bank will always be an American.

In 1990 when I return to South Africa from exile, 8 out of 10 workers at a restaurant were South Africans, two probably Malawian or Zimbabwean. Today, almost 100% it's non-South Africans.

We need to make sure that our pronouncements on economic policy are consistent, clear and not confusing.