The ANC withdraws its motion to nationalise the Reserve Bank

The ANC withdraws its motion to nationalise the Reserve Bank

The ANC has confirmed that it will no longer be debating the nationalisation of the South African Reserve Bank and the debate will not take place in the National Assembly.

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The ruling party was set to debate the ownership of the Reserve Bank on Tuesday afternoon.

Breifly.co.za learned that the DA has welcomed the decision and believes that the decision to withdraw may have been influenced by the rating agency Moody's according to ewn.co.za.

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MP David Maynier of the DA says that Moody's is currently reviewing South Africa and has given the government notice that any developments that could jeopardise the credibility or independence of the reserve bank could result in a severely negative outcome.

According to Maynier, an attack on the reserve bank would almost certainly result in South Africa being downgraded to junk status.

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South Africa has already been downgraded by Fitch and Standard & Poor's.

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Source: Briefly.co.za

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