SABC News - Dlamini-Zuma echoes calls for nationalisation of Reserve Bank:Saturday 15 July 2017

Dlamini-Zuma echoes calls for nationalisation of Reserve Bank

Saturday 15 July 2017 21:36


Nkosazana Dlamini-Zuma says Reserve Bank must not be privately owned.(SABC)

Nkosazana Dlamini-Zuma has echoed calls for the nationalisation of the Reserve Bank. The proposal was made at an African National Congress (ANC) Policy Conference in Johannesburg last week.

Delivering a Freedom Charter lecture in Kimberley, she has said, "The Reserve Bank must not be privately owned because at the moment the reserve bank is privately owned, but even internationally, most countries have taken the Reserve Bank and nationalized the reserve bank. It's not private."

But the ANC's Provincial Executive Committee has distanced itself from her visit.

The PEC as made it clear they are supporting Deputy Cyril Ramaphosa as the next ANC president. However, the biggest region of the Frances Baard are throwing their support behind Dlamini-Zuma, saying they are ready for a woman to lead the country.

Meanwhile, reputation experts say the actions of Public Protector Busisiwe Mkhwebane have seriously damaged the credibility of her office.

Mkhwebane has come under fire regarding her controversial report on the mandate of the Reserve Bank.

The report directs parliament to amend the constitution to facilitate the revision of the bank's mandate.

Some political parties are calling for her head and want her to be held personally liable for the legal costs of a review application to challenge her remedial action. This follows Mkhwebane's announcement that she would not oppose the application.

However, Mkhwebane insists that her findings on the Reserve Bank's bail-out of Bankcorp are binding.

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The Council for the Advancement of the South African Constitution (Casac) has also weighed in calling into question Mkhwebane's fitness to hold office.

The Reserve Bank's Governor Lesetja Kganyago has described Mkhwebane's report as reckless and damaging for the country.

Mkhwebane has said she will not oppose the court application of the bank and parliament to set aside her remedial action.

Executive Secretary of Casac, Lawson Naidoo, says if the public protector does not fully understand the powers and mandate of her office, then she should resign.

“Well, I think it’s highly embarrassing for the public protector. This last minute change of heart by her also demonstrates that there was a serious misunderstanding of her powers and one must have a lot of sympathy with the response of the Governor of the Reserve Bank, a man that is noted for his very calm and sober remarks. So, this demonstrates the seriousness and gravity of the situation in that the report of the public protector had a significant, negative impact on the rand, on the stability of the economy. Advocate Mkhwebane needs to ask herself whether she really is up to the job and if she isn’t … for her to tender her resignation.”

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