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South Africa's ANC to propose nationalising central bank - sources
July 5, 2017 / 11:51 AM / 5 months ago

South Africa's ANC to propose nationalising central bank - sources

JOHANNESBURG, July 5 (Reuters) - South Africa’s ruling African National Congress has proposed at its policy conference on Wednesday that the central bank be nationalised, two party sources said.

The rand extended its losses to as much as 2 percent lower in response to the proposal on the nationalisation of the bank filtering out of a closed-door session on the last day of the conference.

The policy recommendation is likely to raise concerns about the independence of the reserve bank after an anti-graft watchdog recommended its mandate be changed to place more focus on growth and not just inflation and the rand currency. (Reporting by Joe Brock and Ed Stoddard; Editing by James Macharia)

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