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New EFF bill proposes nationalisation of the Reserve Bank

17 August 2018 - 12:06 By Timeslive
EFF leader Julius Malema
EFF leader Julius Malema

Economic Freedom Fighters leader Julius Malema has introduced a bill in parliament to nationalise the Reserve Bank.

The South African Reserve Bank Amendment Bill‚ introduced on Thursday‚ proposes that the state be made the sole shareholder of shares in the bank.

According to the document itself‚ the new bill "seeks to amend the act to make the state the sole holder of the shares in the bank and to give powers to the minister to exercise the rights attached to the shares in the bank‚ of which the state is the owner.

“The bill further seeks to provide for the appointment process of directors of the board that instead of being elected at an ordinary general meeting of shareholders‚ will now be appointed by the minister.”

Parliament tweeted a link to the bill‚ which you can read here: