EFF turns sights on nationalising of SA Reserve Bank

EFF turns sights on nationalising of SA Reserve Bank

- The EFF has turned its sights on having the South African Reserve Bank nationalised and said it would lead the charge if need be

- The ANC withdrew its motion on Tuesday in order to engage in further consultation with stakeholders

- The EFF is on a high after the land expropriation without compensation motion was passed in Parliament

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The Economic Freedom fighters (EFF) have turned their sights on nationalising the South African Reserve Bank (SARB) and said it would table a motion in Parliament if needs be.

The EFF is still on something of a high after Parliament voted in favour of the land expropriation without compensation. The EFF has repeatedly called for the SARB to be nationalised and believes the matter is urgent.

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If the ANC does not table a motion on the nationalisation of the SARB, the EFF will use its next opportunity to table a comprehensive motion on nationalisation of the Reserve Bank,” the EFF said in a statement.

Briefly.co.za gathered that the ANC which adopted a policy in December to nationalise the SARB withdrew its motion on Tuesday. The ruling party said this was to allow for further engagement with its structures and key stakeholders.

EFF spokesperson Mbuyiseni Ndlozi said Parliament needed to act immediately to draft regulations which would lead to the nationalisation of the Reserve Bank while maintaining its constitutionally mandated autonomy.

“The relative autonomy of the Reserve Bank is important so that politicians are not tempted to divert some of its resources into corrupt and self-enrichment activities,” Ndlozi said.

The EFF was highly critical of the ownership model currently employed by the SARB. The party noted that some shareholders were foreigners with patriotic interests. The EFF said this status quo was unacceptable and needed to change through political intervention.

The SARB for its part has said changing the ownership structure would cause undue financial and economic risk in South Africa.

SARB shareholders have no say on policy decision or implementation of the bank’s mandate.

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Source: Briefly.co.za

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