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The EFF's plan to nationalise the Reserve Bank

2 Nov 2020 - 17:15

According to BUSINESSTECH, Shivambu said that the draft bill will:

  • Make the state the sole shareholder of the South African Reserve Bank;
  • Provide for the appointment of the board of directors, the tenure of the office of the appointed directors, and give the minister the power to make regulations related to the appointment of appointed directors;
  • Give the minister of finance the power to appoint auditors of the bank.

The ANC has also indicated that it wants to nationalise the central bank, but the plan has been but on the back burner as government grapples to get the coronavirus-stricken economy back on track.

Read the full article here.