South African Reserve Bank says nationalisation bill won’t impact its independence


JOHANNESBURG (Reuters) – South Africa’s central bank said on Friday that a proposed amendment bill aimed at nationalising the institution would have no impact on its independence or primary mandate of price stability.

The rand currency was rattled after opposition firebrand Julius Malema introduced a bill late on Thursday to nationalise the South African Reserve Bank (SARB).

“The Bank has noted that the proposed Amendment Bill does not in any way alter either its primary mandate of price stability, neither its independence,” SARB said in a statement, adding that it would engage in any parliamentary process.