EFF bid to nationalise Reserve Bank

FRIDAY JUNE 08 2018 THE EFF has wasted no time in pushing a bill via a parliamentary process for the SA Reserve Bank (Sarb) to be nationalised.

This has emerged after Parliament published a notice inviting members of the public to make written comments on a draft bill proposed by EFF leader Julius Malema to amend the SA Reserve Bank Act.

This takes place barely six months after the ANC took a resolution at its national conference that Sarb be 100% state-owned.

The nationalisation of mines had been one of the campaign issues by the camp pushing for the election of Minister in the Presidency Nkosazana Dlamini Zuma, as the governing party’s president.

Parliament said in a notice that Malema had already given notice to introduce the SA Reserve Bank Amendment Bill.

The move comes hot on the heels of another private member’s bill, by Malema’s deputy, Floyd Shivambu, to amend the Banks Act to make it possible for state-owned companies to register in terms of that act and to conduct the business of a bank.

According to the parliamentary notice, the Sarb has some 650 shareholders other than the government.

“The bill seeks to amend the Act to make the state a sole holder of the shares of the bank.”

The draft bill also provides for the president, in consultation with the minister of finance and Parliament, to appoint the governor, deputy governors and all other directors of the bank.

The window for comments on the draft bill has been open since May 28, and will be for at least 30 days.

The public can e-mail their comments to Speaker Baleka Mbete at bmbete@parliament.gov.za and copy them to Gumani Tshimomola at gumanitk@gmail.com not later than June 25.

Neither Malema nor EFF spokesperson Mbuyiseni Ndlozi could be reached for comment.

It will be the third time that the EFF has acted on resolutions taken by the ANC on certain issues.

In December, the ANC conference noted that it was a historical anomaly that there were private shareholders of the Reserve Bank.