Nationalisation of Reserve Bank mooted

THE nationalisation of the South African Reserve Bank could be on the way if the invitation of public comments by Parliament is anything to go by.

Parliament has 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 South African Reserve Bank Act.

Parliament said Malema has given a notice to introduce the South African 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 stateowned companies to register in terms of that act and to conduct the business of a bank.

Malema’s bill comes barely six months after the ANC resolved, at its 54th national conference, that the SA Reserve Bank be 100% owned by the state.

According to the parliamentary notice, the SA Reserve Bank currently has about 650 shareholders other than government.

It 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 comments for the draft bill have been open since May 28.

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

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

“Conference resolves that the Reserve Bank should be 100% owned by the state. Government must develop a proposal to ensure full public ownership in a manner that does not benefit private shareholder speculators.”

The party also resolved that the expropriation of land without compensation should be among the mechanisms available to the government to give effect to land reform and redistribution.

Parliament has started a process to consider mechanisms to enable expropriation of land without compensation after Malema’s motion on the matter was adopted earlier this year.

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 by no later than June 25.