ANCYL calls on members to boycott Absa, other Barclays banks
The ANCYL says members to boycott Absa claiming it's responsible for the fall in the value of the rand.
JOHANNESBURG - The ANC Youth League (ANCYL) has called on all its members to boycott Absa and other Barclays banks, claiming it's responsible for the fall in the value of the rand.
Speaking on the sidelines of a progressive youth alliance briefing in the Johannesburg CBD, the youth league raised concerns about the economy.
The rand fell to R17,99 to the dollar earlier this week.
The ANCYL says it will lead an onslaught on Barclays in South Africa.
It says it will call on its mother body to move all government funds away from Absa and lobby for sanctions against the bank.
The youth league's Njabulo Nzuza said, "We will call and lobby our own government to start a process of moving funds away from Absa because you can't continue to work with a partner that continues to sabotage the people of this country."
The youth league says the decline in the value of the rand was consistent throughout last year and cannot be blamed on a single factor.
'WE ARE COMING FOR YOU, ABSA'
Last year, Economic Freedom Fighters (EFF) leader Julius Malema said l the red berets were preparing to occupy all Absa bank branches this year, in demonstration to show that white South Africans were 'not untouchable'.
He said it was the next instalment of the party's economic fight for freedom for all South Africans.
Malema argued that the EFF was not seeking to replace white supremacy with black supremacy, but was advocating equality.
He said the party will start by targeting the bank's branches, specifically because of its relationship with what he calls "the Afrikaner broederbond".
WATCH: Malema: EFF will occupy Absa.