"Removing the minority shareholders of the SARB will not change its mandate"

Economists say the rand has lost major ground after it was stated at the African National Congress (ANC) policy conference that the ruling party had been discussing nationalising the South African Reserve Bank (Sarb).

Alongside this, international factors and poor manufacturing figures have put pressure on the the local currency for most of the week.

At 4pm on Wednesday, the local currency was trading at R13.48 to the US dollar compared to R13.08 on Tuesday, at R17.41 to the pound from R17.10 before and at R15.27 to the euro from R14.95 the day before.

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

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

Ray White spoke to economist Isaac Matshego on the implications of having a wholly state-owned bank.

The bank says a change of ownership will not result in a higher degree of control as the bank will continue to have an oversight role.

Matshego has shared these sentiments and says the change will most certainly not change the bank's mandate.

I do not believe that getting rid of the minority shareholders of the Reserve Bank will actually change the mandate of the Reserve Bank.

Isaac Matshego, Economist at Nedbank

You must remember that the mandate of the Reserve Bank is in the Constitution.

Isaac Matshego, Economist at Nedbank

It was quite encouraging yesterday that Enoch Godongwana clarified that this proposed change will not affect the constituted mandate of the Sarb.

Isaac Matshego, Economist at Nedbank

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

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
NGO admits to no licence when Esidimeni patients were transferred

NGO admits to no licence when Esidimeni patients were transferred

The former CEO of Siyabadinga NGO admits it did not sign a service level agreement when Esidimeni patients were transferred.

FBI to probe Guptas over SA, Dubai and USA cash flows

FBI to probe Guptas over SA, Dubai and USA cash flows

British authorities are also looking into transactions that came through HSBC and Standard Chartered for possible Gupta links.

The policy formulation process is meant to accommodate ideas - Seepe #ANCNPC

The policy formulation process is meant to accommodate ideas - Seepe #ANCNPC

Ray White spoke to political analyst Sipho Seepe about the ANC NPC and some of the issues debated.

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

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

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

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

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

It’s more complicated than a capture, says Investec Economic Strategist Chris Becker.

Reserve Bank files urgent application against Public Protector's findings

Reserve Bank files urgent application against Public Protector's findings

Legal Representative for SA Reserve Bank Chris Moraitis says they want court to set aside Mkhwebane's proposed remedial action.

Popular articles
Why Sisulu and Dlamini-Zuma aren't suitable Presidential candidates: analyst

Why Sisulu and Dlamini-Zuma aren't suitable Presidential candidates: analyst

ANC branch in the Eastern Cape, Z.R Mahabana, has launched a campaign backing Lindiwe Sisuslu as an ANC presidential candidate.

Kay Sexwale denies involvement in ANC 'War Room' saga

Kay Sexwale denies involvement in ANC 'War Room' saga

Sexwale says she advises the provincial not national ANC.

It's not the end of the road... Top tips to improve your matric

It's not the end of the road... Top tips to improve your matric

"Recognise that it’s not the end, it’s the beginning." Expert advise for school-leavers who want to improve their results.

Bylaws, times you may use fireworks

Bylaws, times you may use fireworks

City of Johannesburg has urged residents to respect by-laws and the times set for fireworks to be used.

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

After 3 years there are 3 Nic Harry stores (incl online) that sell 100 000 pairs of socks in over 20 countries around the world.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?