South Africa starts process of nationalizing central bank

It is believed that South Africa’s ruling party will start the process of nationalizing the central bank, according to President, Cyril Ramaphosa, African Business Central reports.

Speaking to parliament on Thursday (14 March) in Cape Town, Ramaphosa said: “We have got to go through processes. There is no hidden agenda.”

The news follows Ramaphosa’s comments that he was meeting Reserve Bank Governor Lesetja Kganyago in Cape Town. In a speech at a university campus on Wednesday (13 March), Kganyago stressed how important central bank independence was.

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With South Africa considered one of only a few countries that is owned by private investors, the move is expected to bring its citizens under control and will affirm the nation’s sovereignty.

Following Ramaphosa’s announcement, the rand declined approximately 0.7% against the dollar.