PARLIAMENT has begun deliberating on a bill sponsored by the EFF, which aims to see the amendment of the South African Reserve Bank (SARB) Act in order to allow for the central bank to be nationalized.
On Wednesday, EFF welcomed the decision of the standing committee on Finance to proceed with the public hearings and submissions for the SA Reserve Bank Amendment Bill.
EFF leader Julius Malema tabled the private member’s Bill two years ago while the ANC adopted a resolution to nationalize the Reserve Bank at its Nasrec conference in 2017.
The bill seeks to discontinue private ownership of the Bank, basically legally expropriating the bank from just over 800 shareholders in order to transfer ownership and control of the bank to not less than 57 million South Africans.
In his presentation, EFF’s deputy president Floyd Shivambu said the SARB currently had 802 shareholders, based both locally and internationally.
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