Posts tagged with 'SARB'

 

5 new laws the EFF wants to introduce in SA, chief among these is a new bill which will nationalise the South African Reserve Bank

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The EFF wants to introduce a number of bills within the coming months, as the party seeks to have a greater influence in the country’s political sphere.

Speaking in parliament on Tuesday (25 June), the party’s chief whip Floyd Shivambu indicated that these would include a number of reforms as well as the introduction of entirely new pieces of legislation.

Chief among these is a new bill which will nationalise the South African Reserve Bank (SARB).

First mooted by the party in 2018, the bill will make the institution state-owned and see its directors appointed by the finance minister rather than shareholders. This would bring South Africa in line with 90% of the world’s central banks, Shivambu said.

Some of the other major proposals include:

A state-owned bank bill – Shivambu said that the EFF is currently finalising legislation on a state-owned bank;

A Sovereign wealth fund bill – Shivambu said that the EFF plans t
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SARB Changes from Sacrosanct to Nationalization – Ramaphosa is Misleading the Country with a Double-Edged Tongue

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“The president told the World Economic Forum in Davos that the bank would remain independent and that there’s not nationalisation on the cards, now he’s saying something different. This is very bad for investment. People won’t invest in a country where the president speaks with a false tongue.”

President Cyril Ramaphosa delivered a major blow to the rand this week after making it explicitly clear that the ANC, and thus government, will move ahead with its goal to nationalise the South African Reserve Bank.

This change of heart which speaks of lies, corruption and hidden agendas is standing in stark contrast to the message he delivered to investors at the World Economic Forum in Davos in the beginning of the year, where he said that the South African Reserve Bank’s independence was sacrosanct.

Research analyst at Nomura, Peter Attard Montalto says that markets are not taking the threat to the South African Reserve Bank’s i
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‘Open your brain first before opening your mouth,’ says Mboweni to Masina in a heated debate over nationalisation- The finance minister believes the mayor was commenting on topics he has no in-depth knowledge of

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Following a 702 headline stating that finance minister Tito Mboewni is set to introduce a bill paving the way for the creation of a state-owned bank in competition with private sector retail and commercial banks, Mboweni and the executive mayor of the city of Ekurhuleni, Mzwandile Masina, got into a heated debate over nationalisation.

The ANC Ekurhuleni regional chairperson followed up his retweet of the article with a comment on the idea of nationalising the Reserve Bank (SARB) and the bank’s governor, Lesetja Kganyago, who has been a vocal opponent of the calls for the SARB to be nationalised.

Mboweni responded to Masina’s sentiments by calling his views misguided while reiterating his respect for the young mayor.

Mboweni responded to Masina’s sentiments by calling his views misguided while reiterating his respect for the young mayor.

He went on to share an idiom with the mayor which he dubbed the Mboweni Idiom.

After havin
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Two ANC leaders singing different tunes and it is so confusing – Ace Magashule vows South African Reserve Bank will be nationalised whilst Ramaphosa was assuring business leaders in the private sector that the reserve bank would remain independent

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The ANC’s secretary-general, Ace Magashule has revealed the ANC’s plans regarding the South African Reserve Bank (SARB). A couple days after the party’s NEC had their Lekgotla meeting, Magashule has returned with shocking news of the party’s aim: to nationalise the central bank.

South African Reserve Bank targeted for nationalisation by the ANC
South Africa’s reserve bank is one of the fewest central banks, in the world, that have private shareholders.

The Citizen, the bank has over 261 000 shares split between more than 600 private shareholders, with Parliament only able to function in a supervisory role within the spectrum.

Many of these shares are owned by people who do not reside in South Africa, the majority shareholder being Michael Duerr, a German with a 57.5% ownership stake in the central bank.

The ANC, largely the Jacob Zuma and Julius Malema faction, has always pushed for amendments to the Reserve Bank Act. The
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