Rand takes a hit as Ramaphosa speaks of SARB nationalisation

politicalanalysis.co.za

- politicalanalysis.co.za | 4 months ago

The president reinforced the African National Congress’ (ANC) stance by making examples of other countries whose reserve banks are nationalised.

He made an example of the United Kingdom, noting that the Bank of England had bought out its external shareholders in the 1940s, making the United Kingdom the sole owner of its reserve bank. “I don’t want to deceive South Africans and [have them think] that the ANC wants to go ahead with a mad programme.

This is the done thing around the world.

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