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South Africa ANC Decides That Central Bank Must Be State-Owned

  • Proposal was made at party’s policy conference in July
  • Reserve Bank one of a small group globally with private owners
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South Africa’s ruling party has ratified a proposal for the state rather than private shareholders to own the central bank.

Delegates at the African National Congress’s elective conference in Johannesburg decided that the government should own 100 percent of the Reserve Bank, Enoch Godongwana, the head of the party’s economic transformation committee, told reporters in Johannesburg on Wednesday. The conference didn’t discuss changes to the central bank’s mandate, he said.