Party cautious on Reserve Bank move

The ANC will engage widely on the nationalisation of the South African Reserve Bank before moving forward with the implementation of the policy adopted at its conference in December, the party says.

It appears to be treading cautiously after hastily tabling a motion on the nationalisation of the Reserve Bank in parliament before withdrawing it at the prompting of Finance Minister Nhlanhla Nene.

There seems to be confusion in the ANC about the difference between the bank’s ownership and its mandate.
The president appoints the bank’s governor‚ who heads the monetary policy committee which oversees its mandate.

According to the constitution‚ the bank is independent from the government, and private shareholders have no influence on monetary policy.

President Cyril Ramaphosa told editors last week that the bank’s independence was sacrosanct.

ANC secretary-general Ace Magashule told journalists on Tuesday that the matter would be dealt with sensitively‚ with the party set to engage broadly on the issue first. – BusinessLIVE