YCL backs ANC calls for nationalisation of Reserve Bank

Gugu Ndima says move will help democratise the institution

The Young Communist League of South Africa [uFasimba] supports the call for opening the discussion on the nationalization of the South African Reserve Bank (SARB) and urges the ANC-led Alliance to discuss the issue as part of its forthcoming Alliance Summit scheduled for February.

This is consistent with the Freedom Charter, the RDP and the recent Alliance Economic Summit held mid 2009.

The nationalisation of the SARB will lead to a re-orientation of the Monetary Policy Review Committee (MPRC) in composition and approach, especially the nonsensical notion "independence" of the SARB. We see this call for discussion as re-enforcing our long held view of the democratisation of the SARB, consistent with many developing and developed economies. We cannot have the future of millions dictated by a few "profit-oriented shareholders", some of whom do not share the developmental priorities of the ANC-led Alliance government.

The nationalisation of the bank also means that we should amend the constitution, which we fully support. We are also aware that the call for nationalisation can be dismissed as a means of enriching the shareholders, but we believe that this is in the best interest of the country. If none of the shareholders agree to sell to the state their shares, we call on regulated "expropriation" for purposes of nationalisation.

Statement issued by Gugu Ndima, Young Communist League national spokesperson, January 26 2010

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