"Yes, we will be opposing the judicial review [sought by Zuma] application", Mkhwebane told a press briefing in Pretoria.
In her recommendations, Mkhwebane said the constitution should be changed to make promoting balanced and sustainable economic growth the primary objective of the South African Reserve Bank (SARB).
"We will continue to honour our constitutional mandate and the trust placed in us by the South African society".
She specifically asked for the removal from the constitution of the phrase "to protect the value of the currency" that has been central to South African monetary policy since the end of white-minority rule in 1994. Nomura emerging markets economist Peter Attard Montalto said the tangent was touching "Pandora's Box". We will work side-by-side with the Public Protector.
In her findings on the report by Ciex, a covert asset recovery agency in the United Kingdom, Mkhwebane said the conduct of the Reserve Bank and the government regarding the Absa bailout, which included a number of banks in the Bankorp group receiving unlawful funds during the apartheid era, were inconsistent with various sections of the Constitution.
For remedial action, Mkhwebane has referred the matter to the Special Investigating Unit, which must in turn approach President Jacob Zuma to reopen the presidential proclamation R47 of 1998 "in order to recover the misappropriated public funds unlawfully given to ABSA Bank in the amount of R1.125 billion". It said it was studying Mkhwebane's report and would consider its legal options.
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.
The Presidency announced at the end of previous year that Jacob Zuma would be taking former Public Protector Thuli Madonsela's state capture report on review.