CAPE TOWN – There is a renewed push to reform and nationalise the South African Reserve Bank (SARB). The EFF is leading the charge through Parliament’s Standing Committee on Finance public hearings on the South African Reserve Bank Amendment Bil.

The private member’s bill was submitted in 2018 by EFF leader Julius Malema. The party argues that the SARB remains one of very few central banks globally, fewer than nine – that are privately owned. It says in a constitutional democracy like South Africa this is an anomaly and an affront to democratic governance that such a central institution is not under the control of the people. The SARB plays a key role in monetary policy, banking regulations, and economic stability.

The EFF says this private establishment has fought tooth and nail to keep the status quo, effectively protecting the capitalist.