The Economic Freedom Fighters (EFF) has expressed excitement and welcomed the decision of reviving the nationalisation of the South African Reserve Bank (SARB) Amendment Bill, which was introduced by the partys leader, Julius Malema.
The Parliamentary standing committee on finance held a meeting on September 11, concerning the nationalisation of the South African Reserve Bank (SARB).
The Bill was introduced in 2018 as a private members Bill by Malema, but later lapsed. It was then revived in 2019, and went through public hearings in 2020.
The Amendment Bill aims to amend the South African Reserve Bank Act to make the state the sole shareholder of the shares in the bank and grant powers to the minister of finance to exercise the rights associated with the shares on behalf of the State.
It also seeks to grant the finance minister the power to appoint board directors, instead of them being elected at an ordinary general meeting.
