The Congress of South African Trade Unions fully the supports the proposal contained in a report to the ANC NEC that the SA Reserve Bank should be nationalised.

It is a dangerous anomaly that a body which should be protecting the public interest when it makes decisions on interest rates, which have a major impact on all South Africans, should be owned by a group of anonymous private shareholders.

We do not even know the identity of these shareholders, but the strong likelihood is that they are wealthy financiers and industrialists with very different interests to those of the majority of the people. And it is one of only a handful of Reserve Banks around the world that is in private hands. It makes a mockery of the SARB's claim to be ‘independent'.

The Freedom Charter called for the people to share in the country's wealth. How can we achieve that when the country's most important financial institution is not under any democratic control by, or accountability to, the people.

Statement issued by Patrick Craven, Congress of South African Trade Unions national spokesperson, january 26 2010

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