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SARB should be independent even if it is nationalised - Ramaphosa

May 24 2018 20:01
Paul Vecchiatto and Sam Mkokeli, Bloomberg

President Cyril Ramaphosa said he is committed to the independence of the South African Reserve Bank (SARB), even as the government considers nationalising it.

The ANC last year adopted a motion calling for government ownership of the SARB, which is one of only a few central banks worldwide that is privately owned.

In terms of the country’s Constitution, the bank is independent from government, and private shareholders have no say over monetary policy.

“The Reserve Bank should be an independent entity,” Ramaphosa, who took over as president from Jacob Zuma in February, told reporters in Cape Town.

“It should deal with monetary policy and government must focus on the fiscus. That is what I signed up for.”

Still, government is considering ways of implementing the ANC’s resolution to nationalise the central bank, he said.

“It is a resolution of the ruling party and so it has to be implemented,” Ramaphosa told reporters in Cape Town. “Watch this space.”

sarb  |  cyril rama­phosa  |  sa economy
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