The Economic Freedom Fighters has welcomed the revival of South African Reserve Bank Nationalisation Bill introduced in 2018, by the party’s leader Julius Malema. Picture: Itumeleng English / Independent Newspapers / File
The Economic Freedom Fighters (EFF) has expressed excitement and welcomed the decision of reviving the nationalisation of the South African Reserve Bank (SARB) Amendment Bill, which was introduced by the party’s leader, Julius Malema.
The Parliamentary standing committee on finance held a meeting on September 11, concerning the nationalisation of the South African Reserve Bank (SARB).
The Bill was introduced in 2018 as a private member’s Bill by Malema, but later lapsed. It was then revived in 2019, and went through public hearings in 2020.
The Amendment Bill aims to amend the South African Reserve Bank Act to make the state the sole shareholder of the shares in the bank and grant powers to the minister of finance to exercise the rights associated with the shares on behalf of the State.
It also seeks to grant the finance minister the power to appoint board directors, instead of them being elected at an ordinary general meeting.
The Parliamentary standing committee on finance announced that the Amendment bill will be referred to public participation once again.
Meanwhile, EFF’s national spokesperson Leigh-Ann Mathys expressed that the party has welcomed the Standing committee on finance to revive the bill and conduct public hearings.
“We urge all progressive stakeholders to prepare their submissions. Progressive stakeholders who require assistance with their submissions or oral presentations are encouraged to contact the EFF.”
Mathys said the party introduced the bill with the understanding that, without national control over the issuance of money, no amount of legislation would result in the transfer of ownership.
“The ownership of the Reserve Bank had to be prioritised. We note that the Parliamentary standing committee on finance briefing extended beyond the issue of nationalisation.”
She said it also highlights the need for a comprehensive review of the SARB’s mandate.
“This includes assessing the alignment between fiscal and monetary policy, and how the SARB can play a more significant role in advancing industrialisation and transforming the financial sector.”
According to Mathys, the SARB will soon be nationalised, “becoming a national resource for all the people of South Africa, serving the interests of the majority rather than protecting the interests of a privileged few”.
IOL Politics