“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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