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Principale » South Africa ruling party votes to downgrade ties with Israel

South Africa ruling party votes to downgrade ties with Israel

08 Juillet 2017

To be independent or nationalized, that is the question for the South African Reserve Bank (SARB).

Rand trades at 13.1475 versus the dollar at 0643 GMT, up 0.45 percent from its NY close on 13.2100.

Following the plenary on Wednesday, the head of the ANC's economic transformation committee Enoch Godongwana told reporters the bank's independence should be guaranteed but it was a "problem" that the regulator was in private hands.

The private ownership "is an anomaly", said Rashaad Tayob, a portfolio manager at Abax Investments in Cape Town.

The African National Congress (ANC), the ruling party of South Africa, voted on Tuesday in favour of downgrading South Africa's diplomatic representation in Israel in protest of the occupation.

Hamas political leader Khaled Mashaal at a rally in Hamas's honor in Cape Town South Africa
Hamas political leader Khaled Mashaal at a rally in Hamas’s honor in Cape Town South Africa

Policy recommendations made at this week's conference will only be approved for implementation at a December summit when a successor to President Jacob Zuma will also be chosen.

The SARB has been privately owned since its establishment in 1921, with formulating and implementing monetary policy as one of its main functions.

The Reserve Bank is already enduring an attack on its inflation-targeting mandate by the public protector, and any move to legislate a new ownership structure could facilitate more drastic change.

The federation accused the bank of being "too beholden to the interests of finance capital to have an impact on the broader economy, which is why the biggest noise in defence of the status quo comes from finance capital".

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South Africa ruling party votes to downgrade ties with Israel