Senior ANC leaders are set to put their plan of nationalising the South African Reserve Bank (SARB) on the back burner due to the major economic issues facing the country.<\/p>\n
Speaking in an interview with the City Press<\/a><\/strong>, ANC treasury-general Paul Mashatile said that the party’s leaders would have to be ‘frank’ about the challenges involved in implementing the nationalisation of the SARB.<\/p>\n “Our resolution said two things: We want it (the SARB) to be state-owned but its mandate will remain. We have not moved decisively on the issue of nationalisation because it is a process that involves a lot of dynamics.<\/p>\n “There are private shareholders involved and the state must weigh up when and how to buy them out.”<\/p>\n “We need to ensure a composite approach in our budgeting and spending; meaning that we must prioritise. So, the question is: Do you at this stage want to take money from the fiscus to buy out some shareholders or do you want to use that money for education or infrastructure?”<\/p>\n Mashatile added that the ANC is currently ‘fine’ with the mandate of the SARB, its current independence, and the way it is playing its role.<\/p>\n “The ownership issue will be resolved with time when we have a conducive situation to intervene,” he said.<\/p>\n Parliament officially revived<\/a> <\/strong>the bill which proposes the nationalisation of South Africa\u2019s Reserve Bank in November 2019.<\/p>\n