EFF statement on the briefing by Parliamentary Budget Office on the nationalization of the SARB

11 September 2024

The Economic Freedom Fighters (EFF) welcomes the briefing by the Parliamentary Budget Office (PBO) on the nationalisation of the South African Reserve Bank (SARB) during the Parliamentary Standing Committee on Finance.

The PBO briefing progressively outlined the practicalities of nationalising the SARB.

This briefing follows the EFF's introduction of a Private Member's Bill by the President and Commander-in-Chief Julius Malema, the South African Reserve Bank Amendment Bill, which seeks to nationalise the SARB. The bill, introduced in 2018, has been delayed in the committee due to the wait for a socio-economic impact assessment.

The EFF introduced this bill with the understanding that without national control over the issuance of money, no amount of legislation would result in the transfer of ownership. Ownership of the Reserve Bank had to be prioritised.

We note that the PBO's briefing extended beyond the issue of nationalisation. It also emphasised the need for a comprehensive review of the SARB's mandate.

This includes assessing the alignment between fiscal and monetary policy, and how the SARB can play a more significant role in advancing industrialisation and transforming the financial sector.

The EFF welcomes the Standing Committee on Finance's decision to revive the bill and conduct public hearings. We urge all progressive stakeholders to prepare their submissions. Progressive stakeholders who require assistance with their submissions or oral presentations are encouraged to contact the EFF.

The South African Reserve Bank will soon be nationalised, becoming a national resource for all the people of South Africa, serving the interests of the majority rather than protecting the interests of a privileged few.

Issued by Leigh-Ann Mathys, National Spokesperson, 11 September 2024