EFF leader Julius Malema intends to introduce a Private Member’s Bill in terms of the Constitution, to amend the South African Reserve Bank Act.
The SARB Act, among other things, deals with the share capital of the bank. The provision of the share capital of the bank and the increase of the share capital by issuing shares enables private individuals, including foreign nationals, to buy and own shares in the SARB.
Parliament has invited you to object or support amendments to the SARB Act by providing comment below. Should you be at a loss for words, read the live input or documents below the form. Feel free to copy and paste into the message area provided. Closing date is midnight 25 June 2018.
It is important to note this is not simply a petition but is the first step in an essential Participative Democracy process. And here’s the best bit; as each comment is immediately sent as a unique email to the designated government representative, comments must, by law, be individually acknowledged and considered by the Government. Had this been a petition, they would treat it as a single comment.
By using this service you ensure an accurate record is held by civil society (on our encrypted database) so government cannot fudge facts and figures. This process forms a solid foundation for a legal case should the necessity arise.
Add your comment now.
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POINTS TO NOTE
- The bank currently has about 650 shareholders other than government.
- The Amendment Bill seeks to amend the act to make the state a sole holder of the shares of the bank.
- The draft bill will provide for the president, in consultation with the minister of finance and Parliament, to appoint the governor, deputy governors and all other directors of SARB.
- The draft bill will also set out the role of the minister of finance as a shareholder to exercise the rights attached to the shares in the bank.
- In terms of the Constitution, the bank is independent from government, and private shareholders have no say over monetary policy.
Download the draft Amendment Bill