Parliament goes ahead with the nationalisation of the SA Reserve Bank

Parliament goes ahead with the nationalisation of the SA Reserve Bank

- Parliament is moving forward with plans to nationalise the South African Reserve Bank (SARB)

- This follows a presentation by the EFF chief whip Floyd Shivambu at a joint meeting of the National Assembly’s standing committee on Tuesday

- Shivambu's presentation followed the EFF's demand three years ago that Parly introduces the SARB Amendment Bill

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On Tuesday, EFF deputy president Floyd Shivambu delivered a presentation at a joing National Assembly sitting on the nationalisation of the South African Reserve Bank (SARB).

The presentation came three years after the EFF head, Julius Malema, gave Parly notice to reveal the SARB Amendment Bill.

Shivambu called on Parliament to nationalise the SARB and divide its shares without compensation to the correct economic inequalities caused by the previous regime.

Parliament goes ahead with the nationalisation of the SA Reserve Bank

Floyd Shivambu has called on Parliament to move ahead with nationalising the SARB and expropriating it without compensation to correct the economic inequalities. Photo: Thulani Mbele.
Source: Getty Images

According to TimesLIVE, Shivambu said:

"The SARB presides over one of the most untransformed sectors of the economy in SA, which is the financial sector. That includes the insurance companies and banks. We know the majority of them are owned by white capitalist establishments. The ownership and control of banks and insurance companies does not reflect the demographics of SA.”

The EFF deputy head added that the SARB is still carrying the legacy of the previous regime as it is responsible for the "reproduction of the apartheid economic and financial inequalities.”

Shivambu said they intend to make the state the sole shareholder of the shares of the SARB and to regulate it through the appointment of the board of directors, who will be appointed by the minister of finance.

Furthermore, the EFF wants to expropriate the SARB without compensation and give shared to those who were previously disadvantaged.

He added that currently, there are about 802 shareholders in the Reserve Bank. Should the bank be nationalised and expropriated, shares would be taken from those individuals and given to 57 million citizens.

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Parliament goes ahead with the nationalisation of the SA Reserve Bank

Parliament is going ahead with the nationalisation of the SA Reserve Bank following a presentation by Floyd Shivambu during a joint National Assembly sitting. Photo: Waldo Swiegers/Bloomberg.
Source: Getty Images

IOL reported Parliament agreed to go ahead with the plans and Joe Maswanganyi, chairperson of the standing committee on finance, revealed the bill would be treated like any other bill introduced by a minister.

Maswanganyi's sentiments were echoed by select committee chairperson Yunis Carrim, who agreed that the contents of the bill would be looked at.

South Africans reacted to the nationalisation of the SARB online and they were left divided. Some believed it could lead to more corruption while others agreed with the EFF.

Thabo Sibiya, who goes by the Twitter handle @PatrioticThabo, said:

"Clearly VBS millions was not enough."

Social media user, @MohaleMosala, wrote:

"Remember the motion was already there tabled by the ANC. What they are doing now is to push the ANC into a corner. Great move by the EFF."

Another tweep, @chaka_unity, commented:

"19 years down the line, there is nothing left but a commission looking at the Reserve bank corruption, hell noooo, everything that is nationalised in this country is a mess."

Twitter user, @not_dore, added:

"It's high time the reserve bank serve the people of South Africa not just big banks."

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Meanwhile, in other news, pictures of a severely vandalised train station in Klip Town, Soweto have gone viral on Twitter. The post, which was shared by user Yusuf Abramjee, features photos of the station in complete ruins with a caption explaining that the facility is in Klip Town, south of Johannesburg.

Angry South African citizens quickly flooded the post, voicing their opinions on the matter while calling on the country's ruling party, the ANC, to step up and take action against the vandals while also paying more attention to the country's continuously declining infrastructure.

Many of them accused the ANC of stealing state funds for personal gain while allowing the country to slip further and further into ruins. Others also questioned how the government would remedy the transport situation once people who frequently use the train station need to start traveling to work again.

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