ANC Politicians Take Aim at South Africa Reserve Bank’s Role
- SARB’s authority to issue banking licences questioned
- Rand fell more than 7% since reports police summoned Gordhan
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With South Africa’s Treasury facing increasing criticism from state-owned companies and the finance minister under police investigation, some ruling party politicians have set their sights on the nation’s second pillar of financial stability: the Reserve Bank.
Mineral Resources Minister Mosebenzi Zwane has suggested to the cabinet that it withdraw the central bank’s authority to license banks and make it the responsibility of the finance minister, Business Day newspaper reported on Wednesday. ANC Deputy Secretary-General Jessie Duarte’s said earlier this week that the Reserve Bank should cushion the rand and the fact that it’s privately owned is a “difficulty.”