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Sarb criticises ANC's plans to nationalise it

At the party’s policy conference earlier this year, ANC resolved that the central bank should be nationalised and have greater interaction with the finance minister.

FILE: Reserve Bank Governor Lesetja Kganyago. Picture: EWN.

JOHANNESBURG – The Central Bank has criticised the African National Congress (ANC)'s plans to nationalise the Reserve Bank.

The ANC’s 54th elective conference resolved that the bank should be nationalised and restructured.

At the party’s policy conference earlier this year, ANC resolved that the central bank should be nationalised and have greater interaction with the finance minister.

The central bank has now hit back saying this is not a good move.

The South African Reserve Bank (Sarb) says the party's plan to buy out private shareholders of the central bank would be expensive as some investors are likely to sell their stakes at a premium.

The bank says the buying out of the existing shareholders will, therefore, result in paying large sums of money to what it calls effect "cosmetic changes that will have no bearing on the manner in which the reserve bank carries out its mandate or executes its policy responsibilities”.

Reserve Bank Governor Lesetja Kganyago at the time of the policy conference also cautioned that it would be costly for the state to buy out individual shareholders.