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Motion on nationalisation of Sarb not off the table

The ANC’s Nonceba Mhlauli says the party wants to consult further within its own structures and key stakeholders on its motion for full public ownership of the Reserve Bank.

Picture: Facebook.com.

CAPE TOWN - While the African National Congress (ANC) in Parliament has withdrawn its motion in favour of nationalising the SA Reserve Bank (Sarb), that does not mean it is entirely off the table.

The National Assembly was to have debated the issue on Tuesday afternoon.

However, the ANC in Parliament then announced it had withdrawn the motion to allow for more consultation.

The ANC’s Nonceba Mhlauli says the party wants to consult further within its own structures and key stakeholders on its motion for full public ownership of the Reserve Bank.

But does that mean that it’s been shelved forever?

“That will depend on the consultations that will take place,” Mhlauli said.

The Democratic Alliance’s David Maynier says he believes the decision has to do with the review being done by rating agency Moody’s in South Africa.

He says Moody’s gave notice that any developments casting doubt over the independence of the Reserve Bank would be seen as “strongly credit negative”.

“A mere whiff of an attack on the Sarb I think risks making a sovereign credit-rating (downgrade) to junk status much more likely.”

Mhlauli would not comment on Maynier’s claim.

(Edited by Zamangwane Shange)