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Reserve bank proposal is in line with majority of OECD countries - Brown

6 July 2017 10:11 AM
Tags:
African National Congress ANC
Reserve bank
South Africa Reserve Bank

Karima Brown explains a proposal by some ANC members to look into changing ownership of the SARB.

Political analyst Karima Brown says while proposal by the African National Congress (ANC) to change the South African Reserve Bank's ownership is in line with majority of OECD countries, the suggestion may raise a few questions.

Economic Transformation Commission Chair Enoch Godongwana announced earlier on Wednesday that it's an anomaly for the country's bank to be in private hands.

READ: Why the ANC is gunning for the Reserve Bank (holder of ‘money printing presses’)

The bank has responded to the discussion by the ANC by saying the shareholding of the bank has no bearing on its policy or regulatory role.

The proposal yesterday is very different from the unconstitutional efforts by the public protector to try and interfere with the mandate of the bank legally... however the context in which the discussion happened at Nasrec, is within the context of what the public protector had been doing.

Karima Brown, political analyst

For people watching South Africa the context is important and that blurring between shareholding and mandate is for many an academic one.... we also saw the currency taking a tumble there.

Karima Brown, political analyst

Click on the link below to listen to the full audio....


6 July 2017 10:11 AM
Tags:
African National Congress ANC
Reserve bank
South Africa Reserve Bank