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The Young Communist League of South Africa (uFasimba) notes and differs with the sentiment attributed to Pravin Gordan, Minister of Finance, about the autonomy and independence of the South African Reserve Bank (SARB).
We affirm our commitment to campaign for change in terms of the nationalisation of the SARB, and a subsequent review of its mandate. We welcome the call by the President of the ANC that we need to relook particularly at inflation targeting, and believe that the timing is appropriate for such a review.
The assertion by Minister Gordan that nationalisation of the SARB threatens its independence and autonomy does not hold, as there are many parastatals and institutions that maintain their independence but are still state owned.
We accept that the SARB derives its operational and policy mandate from Treasury, but we remain of the view that its nationalisation will complete its synchronisation with the developmental goals identified by the government of the day.
We also maintain that the SARB is too powerful an institution, and that its decisions have an impact on millions of jobs, mortgages, vehicle finance, basic foodstuffs, and essentially every bit of our life and cannot therefore be left to the whims of shareholders. We will continue with our call for and action to ensure that the SARB is ultimately nationalised, including engaging with Minister Gordan.