Malema’s bill to nationalise Reserve Bank back in parliament

The South African National Assembly has revived the South African Reserve Bank (Sarb) Amendment Bill which proposes the nationalisation of the Sarb.

The bill was introduced to the National Assembly by EFF leader Julius Malema on August 16, 2018.

However, the bill lapsed when the previous assembly was dissolved and a new parliament was elected following this year’s general elections in May.

The bill was revived by the National Assembly on October 29.

The private members’ bill – which means it was drawn up by private members as opposed to ministers – will now be referred to the standing committee on finance for public participation before the National Assembly votes on it. If it is passed, it will then be referred to the National Council of Provinces (NCOP) for approval before President Cyril Ramaphosa signs it into law.

The bill, among other matters, provides for the state to be the sole holder of the shares in the bank.

Earlier this year, Ramaphosa told parliamentarians about the governing ANC’s resolution that the Sarb should be owned by the people of the country, noting that South Africa was one of six countries in the world which have an external shareholding in central banks.

(Compiled by Makhosandile Zulu)

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