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EFF begins process to nationalise Reserve Bank

Publish date: 11 June 2018
Issue Number: 777
Diary: IBA Legalbrief Africa
Category: South Africa

The EFF has wasted no time in pushing a Bill via a parliamentary process for the SA Reserve Bank to be nationalised. A Cape Argus report says this has emerged after Parliament published a notice inviting members of the public to make written comments on a draft Bill proposed by EFF leader Julius Malema to amend the SA Reserve Bank Act. This takes place barely six months after the ANC took a resolution at its national conference that the bank be 100% state-owned. Parliament said in a notice that Malema had already given notice to introduce the SA Reserve Bank Amendment Bill. According to the parliamentary notice, the bank has some 650 shareholders other than the government. ‘The Bill seeks to amend the Act to make the state a sole holder of the shares of the bank.’ The draft Bill also provides for the President, in consultation with the Minister of Finance and Parliament, to appoint the governor, deputy governors and all other directors of the bank. The window for comments on the draft Bill has been open since 28 May, and will be for at least 30 days.

South African Reserve Bank Amendment Bill, 2018, call for comments

Full Cape Argus report (subscription needed)