March 6, 2018 / 12:21 PM / 5 months ago

S.Africa's ANC delays debate on nationalisation but not shelved plan

CAPE TOWN, March 6 (Reuters) - South Africa’s ruling ANC has delayed a motion due to be debated in parliament on Tuesday on a resolution calling for the nationalisation of the central bank but has not shelved the plan altogether, the chief whip’s spokeswoman said on Tuesday.

The African National Congress (ANC) resolved in December to change the ownership of the South African Reserve Bank (SARB).

Following that proposal, the central bank said any change of ownership would not affect its mandate or independence.

“The Resolution of the 54th National Congress on the SARB Stands. We withdrew the motion for debate on the subject scheduled for this afternoon,” Nonceba Mhlauli said.

She said the withdrawal was meant to allow for consultations within the party and key stakeholders.

Unlike most central banks in the world, the South African Reserve Bank has been privately owned since it was established in 1921. But its shareholders have no control over monetary policy, financial stability policy or banking regulation. (Reporting by Wendell Roelf Editing by James Macharia)

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