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South Africa’s ANC Stalls Plan to Nationalize Central Bank

  • Country can’t afford buyout of shareholders: treasurer-general
  • ANC decided in 2017 that Reserve Bank should be owned by state
The headquarters of the South African Reserve Bank in Pretoria.

The headquarters of the South African Reserve Bank in Pretoria.

Photographer: Waldo Swiegers/Bloomberg
Updated on

A top South African ruling party official said plans to nationalize the central bank will be shelved as the government wrestles with getting the coronavirus-stricken economy back on track.

The country doesn’t have the “massive resources” that may be needed to buy out the bank’s private shareholders and spending the money would be unjustified in the current economic climate, said Paul Mashatile, the treasurer-general of the African National Congress.