Nothing sinister about nationalising Reserve Bank, says Cyril Ramaphosa
Credit rating agencies have warned SA not to tamper with the independence of the central bank, saying it could lead to ratings downgrades
President Cyril Ramaphosa says there is nothing sinister about the push to change the ownership of the Reserve Bank. Responding to questions in the National Assembly on Thursday, Ramaphosa said the governing ANC had taken a “clear resolution that the Bank should be owned by the people of SA”. His statement in parliament is in sharp contrast to recent comments made by Reserve Bank governor Lesetja Kganyago. Kganyago insisted that the Bank remains independent even with private shareholding,arguing that nationalising the central bank would be too risky for the economy. He said the bank would protect its mandate and independence, which are guaranteed by the constitution, should there be any moves to pass legislation to nationalise it. Credit rating agencies have also warned SA not to tamper with the independence of the central bank, saying it could lead to ratings downgrades. The DA said it would fight against the adoption of a bill by parliament aimed at nationalising the Bank. The par...
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