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'Nationalise Reserve Bank but ensure its independence'

06 July 2017 - 07:18 By OLEBOGENG MOLATLHWA and SIBONGAKONKE SHOBA
The South African Reserve Bank building in Pretoria. File photo.
The South African Reserve Bank building in Pretoria. File photo.
Image: GALLO IMAGES

The ANC is considering nationalising the SA Reserve Bank but says its independence should be guaranteed.

Addressing the media on the outcome of discussions in the economic transformation commission at the ANC's national policy conference, party head of the economic transformation subcommittee Enoch Godongwana said private ownership of the bank was an "anomoly".

However, he said, come what may, the independence of the Reserve Bank should be guaranteed.

"The independence of the Reserve Bank is sacrosanct and there is no intention in the recommendations [from the policy conference] to tamper with that.''

In the lead-up to the conference, there had been a strong push to nationalise the Reserve Bank and bring it completely under the control of the government.

But Godongwana explained that while the Reserve Bank had more than 650 shareholders, their influence over the bank's mandate and decision-making was "neither here nor there".

He said even if the bank were to be nationalised, South Africans would still not be able to interfere in its operational mandate.

The proposal will be taken to branches for further discussion before it is again tabled before the national conference in December.

Godongwana said: "Our intention is that by the time we get to the conference, we should have clarified [the formation of a state bank]."

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