ANC still wants Reserve Bank nationalised: Magashule

South African ruling party African National Congress reiterates that they want the Reserve Bank to be nationalised, but this will not affect the institution’s mandate, party officials said on Tuesday.

“Our position on the nationalisation of the reserve bank has not changed. If you talk about sovereignty of that bank, belonging to the people, is one and the same thing,” ANC Secretary-General Ace Magashule told reporters.

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ANC Deputy Secretary-General Jessie Duarte said the mandate of the South African Reserve Bank will not be changed if the bank is nationalised.

Some officials in the ANC have called in recent months for the bank’s mandate to be extended beyond inflation-targeting to include boosting economic growth and unemployment. 

Earlier this year, in his State of the Nation Address, President Cyril Ramaphosa states that Reserve Bank’s mandate will remain independent and protected the value of the currency and in the interest for economic growth.

“Today we reaffirm this constitutional mandate, which the Reserve Bank must pursue independently, without fear, favour or prejudice.”