EFF tables drafting bill to nationalize SARB

Oppositional party the Economic Freedom Fighters has proposed an amendment to the law
about the central bank that would make the institution state-owned
and see that his directors are appointed by the Minister of Finance instead of

EFF leader

Julius Malema introduced the South African Reserve Bank Amendment Bill on Thursday, the parliament said on his Twitter account.

The central bank of South Africa is one of the few in the world
still in the hands of private shareholders. At a conference in December, the
reigning African National Congress (ANC) ratified a proposal for the state to
owner of the bank, which has been held by investors since the establishment of the bank

The movement of the EFF on the central bank follows the February motion
change the constitution to allow expropriation of land without permission
compensation, another plan proposed by the government party in December.

The land problem has reached political traction because it is one of the
greatest symbols of inequality in the nation of about 56 million true
wealth and poverty are largely divided according to racial lines.

The parties will fight the national elections next year in the first
vote since the opposition gained control over several important municipalities,
including the largest and richest city, Johannesburg and the capital,
Pretoria, in 2016.

The shareholders voted to appoint seven out of ten of the central bank
non-executive directors and have no control over the policy. Governor

Lesetja Kganyago says that nationalization is a long-term and
expensive process and stresses that independence is necessary to maintain
control over monetary policy.

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