South Africa 6.3.2018 10:45 am

ANC withdraws its motion on nationalisation of Reserve Bank

The SA Reserve Bank.

The SA Reserve Bank.

The debate was expected to deal with the role, mandate and independence of the SARB.

The ANC parliamentary caucus has this morning withdrawn its tabled motion in the National Assembly on the nationalisation of the South African Reserve Bank (SARB) that was due to be debated this afternoon.

According to a terse statement on Twitter, the party said the postponement was to allow for greater consultation with key stakeholders and structures of the governing party.

At its 54th national conference in December, the ANC resolved on land expropriation without compensation and the nationalisation of the SARB.

Public Protector Busisiwe Mkhwebane was appearing before parliament to report back on, among other things, her recommendation that the central bank’s mandate be changed to focus on economic growth.

She subsequently retracted this and suffered a damning high court judgment in her handling of the Absa CIEX report in which she also recommended that Absa pay back a huge apartheid-era bailout from the SARB.

Opposition EFF chief whip Floyd Shivambu tweeted that he hoped the ANC’s withdrawal of its motion was not “cowardice”. His party wants to nationalise all banks, particularly the SARB.

This is a developing story. More to follow.

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