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SARB Amendment Bill Drawn Up

May 30, 2018

Parliament

Comment has been called on the Draft South African Reserve Bank Amendment Bill.

The proposed legislation, a private member’s bill drawn up by the Economic Freedom Fighter’s Julius Malema, seeks to establish the state as the sole shareholder of the bank’s shares.

Other objectives include declaring the president, in consultation with the finance minister and parliament, responsible for appointing the Governor, Deputy Governors and all other directors of the Bank and setting out the role of the finance minister as a shareholder to exercise the rights attached to the shares in the bank.

Comment on the proposed content of the draft bill is invited within 30 days of the date of publication.

Meanwhile, national treasury has provided a response to S&P’s recent decision to affirm South Africa’s long-term foreign and local currency debt ratings at ‘BB’ and ‘BB+’ respectively, and to maintain the stable outlook.

Treasury highlighted recent improvements in business and consumer confidence.

Other notable developments indicating progress include the appointment of new boards at SOEs, a parliamentary process on land reform, the Financial Sector Regulation Act and the Insurance Act.