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ANC presses on with the draft resolution on the South African Reserve Bank (SARB)

06 March 2018

The African National Congress wishes to reiterate and welcome the withdrawal by its caucus in Parliament of the motion "on full public ownership of the South African Reserve Bank (SARB) in line with international practice", which was scheduled for this afternoon.

The ANC is of a firm belief that the withdrawal of the motion will deepen the content of the envisaged motion and that the postponement creates an adequate platform for the ANC to place on the agenda an instructive motion that places South Africa on the path of radical socio-economic transformation based on job creation and equitable wealth, asset and income distribution.

The ANC affirms its intent to re-table the motion which will be fully aligned with the outcomes of its 54th National Conference on the Reserve Bank:

  • Affirms the independence of the Reserve Bank in performing its functions, and
  • Notes the historical anomaly of the Bank having private shareholders, and thus consequently advocates for the 100% state ownership of the Bank.

The ANC led Government remains a Government of the People and that Parliament is one of its theatres to carry forward the aspirations of the People.

The ANC is of a firm conviction that the attainment of Radical Socio-Economic Transformation will be guided by continued and greater engagement with all sections of society.

Issued by the African National Congress

Pule Mabe
071 623 4975
National Spokesperson

Donovan Cloete
071 461 2989
Acting National Communications Manager