EFF seriously wants to nationalise the South African Reserve Bank

EFF seriously wants to nationalise the South African Reserve Bank

- The EFF tabled a proposal on Thursday to make the SARB state-owned

- The proposed South African Reserve Bank Amendment Bill wants to replace all shareholders with the Minister of Finance

- At least one foreign investor wants to oppose the amendment bill

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The Economic Freedom Fighters leader Julius Malema has made an official move towards making the South African Reserve Bank state-owned. On Thursday the political party introduced the South African Reserve Bank Amendment Bill.

This amendment will see all the power currently held by shareholders transferred to the Minister of Finance.

BusinessInsider reports there is no proposal on how shares will be taken away or bought; major parts of the South African Reserve Bank Act that deals with shareholders are simply abolished. "Shareholders" are replaced with "the Minister".

The South African Reserve Bank has been in the hands of investors since it was founded in 1921.

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A memorandum that was handed in with the amendment proposal states there will be no financial implications for the state.

Briefly.co.za gathered that at least one foreign shareholder of the bank wants to fight the proposal. Some investors also believe that they will be owed huge profits on their shares in the bank.

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Source: Briefly.co.za

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