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ANC withdraws motion on Sarb ownership ahead of Parly debate

The party says this is to allow for greater consultation with its structures and key stakeholders.

The ANC caucus in Parliament. Picture: @ANCParliament/Twitter

CAPE TOWN - The nationalisation of the South African Reserve Bank will no longer be debated in the National Assembly on Tuesday afternoon.

The African National Congress (ANC) in Parliament says its withdrawn its motion.

Parties were set to debate the bank's ownership during this afternoon's sitting.

In a brief statement, the ANC says it has withdrawn its motion on the Reserve Bank to allow for greater consultation, both within party structures and key stakeholders.

It gives no further explanation.

The decision’s been welcomed by the DA – with MP David Maynier suggesting the move could have something to do with ratings agency Moody’s.

He says Moody’s – currently in South Africa conducting a review - gave notice that any developments casting further doubt over the independence and credibility of the Reserve Bank would be strongly credit negative.

Maynier says any attack on the Reserve Bank now could make a downgrade to junk status more likely.

(Edited by Shimoney Regter)