Nationalization of Reserve Bank only the beginning

Die Vryburger

Nationalization of Reserve Bank only the beginning
Nationalization of Reserve Bank only the beginning - Image - Die Vryburger

One of the principle points of view with far-reaching consequences for the future decided at the ANC’s policy conference is to nationalize the Reserve Bank.

It is probably the first stirring to test the water of nationalization. Should the nationalization indeed be implemented without a hindrance, it will be the beginning of many other nationalizations in the country, starting with mines, banks, agricultural land and eventually all property, warn analysts.

Shortly after the news broke over the ANC proposal, the rand fell by more than 1.5% and dropped to R13.45 against the dollar. This means that the news of nationalization is not well received in business circles and abroad, and it is expected that further downgrading of the country’s economy, up to super-junk status, is unavoidable.

Although it is not yet a decision, only a proposal to be transferred to the ANC’s conference in December, the fire under this smoke is just too high to ignore, observers say.

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