Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.

South Africa's ANC still wants central bank to be nationalised - party official

Euronews logo
Text size Aa Aa

JOHANNESBURG (Reuters) – South Africa’s ruling African National Congress (ANC) still wants the central bank to be nationalised, but this will not affect the institution’s mandate, party officials said on Tuesday.

“Our position on the nationalisation of the reserve bank has not changed. If you talk about sovereignty of that bank, belonging to the people, is one and the same thing,” ANC Secretary General Ace Magashule told reporters.

The party’s deputy secretary general Jessie Duarte said the mandate of the South African Reserve Bank would not change if the bank was nationalised.

Some officials in the ANC have called in recent months for the bank’s mandate to be extended beyond inflation-targeting to include boosting economic growth and unemployment.

(Reporting by Alistair Smout; Writing by Olivia Kumwenda-Mtambo; Editing by Andrew Heavens)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on for a limited time.