Mboweni: ANC adopted wrong policy on SARB independence

Mboweni: ANC adopted wrong policy on SARB independence

Finance Minister Tito Mboweni believes the African National Congress (ANC) made a mistake when it adopted a resolution on the independence of the South African Reserve Bank.

Finance Minister Tito Mboweni during vote
Parliamentof RSA/ZKostile

Mboweni had Twitter in a twist on Tuesday evening after he called for a debate on the resolution, which states that the central bank must be nationalised.


The resolution was adopted at the governing party’s national conference in 2017.

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Mboweni says 90% of the central bank’s profits are paid over the National Revenue Fund and thus he doesn't understand the hype around who the central bank belongs to.


He then opened himself up for scrutiny with a tweet: "Burn me at the stake."

The bank’s mandate is set to be a burning point at the ANC’s national general council later this year.


The gathering will measure the progress made on the party’s resolutions adopted at its national conference in 2017.


ANC Secretary-General Ace Magashule caused a stir last year after he vowed that the governing party will amend the Reserve Bank's mandate to ensure it does more to foster economic growth and create jobs.


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