EFF leader Julius Malema has stolen a march on the governing ANC by proposing legislation to nationalise the Reserve Bank. The Bank is owned by private shareholders, although they have no power over how it operates, its monetary policy or who leads it. Bank governor Lesetja Kganyago has warned that nationalisation could have costly implications for the state, though it would not necessarily affect the independence of the institution, which is enshrined in the constitution. President Cyril Ramaphosa has insisted that the Bank’s independence is sacrosanct. Malema’s initiative has thrown down the gauntlet to the ANC, which resolved at its December conference to nationalise the Bank. The ANC has launched what is expected to be a drawn-out process to look into the modalities of achieving this. It withdrew a parliamentary motion to debate the issue in the National Assembly in March to allow the governing party to consult with key stakeholders. Banking Association SA MD Cas Coovadia said t...

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