{"id":230739,"date":"2018-03-11T07:40:47","date_gmt":"2018-03-11T05:40:47","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=230739"},"modified":"2018-03-11T07:40:47","modified_gmt":"2018-03-11T05:40:47","slug":"nene-stopped-nationalisation-of-reserve-bank-at-last-second-report","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/government\/230739\/nene-stopped-nationalisation-of-reserve-bank-at-last-second-report\/","title":{"rendered":"Nene stopped nationalisation of Reserve Bank at last second: report"},"content":{"rendered":"<p>Newly-elected finance minister Nhlanhla Nene, used his political influence\u00a0to force the ANC to drop a scheduled motion on the nationalisation of the South African Reserve Bank at the final hour.<\/p>\n<p>According to a report by the <strong><a href=\"https:\/\/www.timeslive.co.za\/sunday-times\/news\/2018-03-10-nene-pulled-plug-on-ancs-reserve-bank-vote\/\" target=\"_blank\" rel=\"noopener\">Sunday Times<\/a><\/strong>, the motion which was set to be heard in parliament on Tuesday, was dropped as credit ratings agency Moody\u2019s was in the country this past week.<\/p>\n<p>Nene is said to have told\u00a0\u00a0the party\u2019s political strategy committee on Tuesday morning that the debate must not go ahead because it might unsettle the markets at a time when Moody\u2019s ratings agency was in the country, and lead to another downgrade.<\/p>\n<p data-bind=\"text: $data\">\u00a0\u201cNhlanhla told us the timing was not good because Moody\u2019s is in the country,&#8221; said an MP who attended the meeting.<\/p>\n<p data-bind=\"text: $data\">\u201cHe also advised that caucus should first conduct an assessment of the best international practices on the ownership of central banks so that the motion is better informed, to avoid sending a wrong message to the money market,\u201d the MP added.<\/p>\n<p data-bind=\"text: $data\">However the move is said to have embarrassed the ANC, reports the Sunday times, with its political opponents slamming the abrupt withdrawal of the motion.<\/p>\n<p data-bind=\"text: $data\">The EFF said it would table its own motion on the nationalisation of the Reserve Bank as the ANC \u201cwas showing cowardice\u201d on the matter.<\/p>\n<p data-bind=\"text: $data\">Fitch and Standard &amp; Poor\u2019s have both downgraded\u00a0South African sovereign debt to sub-investment (\u201cjunk\u201d), with\u00a0Moody\u2019s opting to follow a wait-and-see approach before downgrading the country to junk status.<\/p>\n<p>Following the election of Cyril Ramaphosa as president, and the recent uptick in optimism, analysts say they do not expect Moody&#8217;s to downgrade South Africa further.<\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a href=\"https:\/\/businesstech.co.za\/news\/government\/229249\/trouble-as-state-companies-flat-out-ignore-budget-rules-and-restrictions\/\" target=\"_blank\" rel=\"noopener\">Trouble as state companies flat out ignore budget rules and restrictions<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New finance minister Nhlanhla Nene may have single-handedly prevented a credit rating downgrade.<\/p>\n","protected":false},"author":10,"featured_media":228019,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[26],"class_list":["post-230739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-government","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/230739","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=230739"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/230739\/revisions"}],"predecessor-version":[{"id":230759,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/230739\/revisions\/230759"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/228019"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=230739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=230739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=230739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}