Minister's downgrade fears over motion to nationalise Reserve Bank

11 March 2018 - 01:41 By thabo mokone and SIBONGAKONKE SHOBA
The South African Reserve Bank building in Pretoria.
The South African Reserve Bank building in Pretoria.
Image: GALLO IMAGES

An ANC motion to debate the nationalisation of the South African Reserve Bank was ditched in the eleventh hour following an intervention by Finance Minister Nhlanhla Nene.

This is according to insiders who attended the ANC political strategy meeting on Tuesday morning hours before the motion was tabled.

Party MPs and senior leaders revealed that Nene persuaded the committee to drop the motion citing the presence of credit rating agency Moody's in the country. Insiders said Nene said the debate could unsettle the markets which could lead to another downgrade of the country's credit rating to junk status.

The decision exposed further cracks within the party as some structures publicly criticised the decision.

Nene confirmed attending the meeting but said discussions in the committee were confidential.

ANC spokesman Pule Mabe said the motion was withdrawn to allow the party to consult its structures and other stakeholders.

Read the full story in the Sunday Times.

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