An opposition politician's bill to nationalize the South African central ba...
FILE PHOTO: South African Reserve Bank governor Lesetja Kganyago listens during an interview in New York City, in New York, U.S. November 9, 2017. REUTERS/Shannon Stapleton/File Photo
The reintroduction of the bill comes at an awkward time for President Cyril Ramaphosa, who is on an investment drive to boost an ailing economy. He has to juggle his pro-business approach with left-leaning elements of the ruling African National Congress that want to legislate for land expropriation without compensation, among other policies.
When initially introduced, the South African Reserve Bank Amendment Bill put pressure on the ANC to go through with a plan it shelved in 2018 and rattled markets wary of threats to the central bank’s independence. Unlike most central banks in the world, the South African Reserve Bank is privately owned. The ANC resolved at a party conference in December 2017 to move it into full state ownership.
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