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The Young Communist League of South Africa (uFasimba) unequivocally welcomes the decisive stance taken by the Finance Ministry to opt for legislative intervention to control unscrupulous greed of shareholders that still believe that we live in the primitive days of colonization. The SARB continues to function in isolation of governments developmental goals; Profit maximization continues to top the agenda of SARB shareholders to the detriment of the majority of South Africans.
This in turn perpetuates inflated charges and lending rates of commercial banks. The YCLSA firmly believes that the legislative intervention will subsequently lead to state control of the SARB. Decisions taken by the SARB have an impact on economic growth and activity. Our economy is still withering through the ripple effects of the recession, which resulted in the exodus of jobs.
The commanding heights of our economy are still comfortably concentrated in the hands of White minority. Economic transformation cannot unfortunately solely be delivered through BEE transactions and token BEE appointments in Directorship positions. Transformation needs to trickle down to the poor who are still marginalized in key decisions processes that have severe impacts on their livelihood. Such measures, as the one taken by the Minister of Finance is a progressive step towards realizing the clause in our Freedom Charter which says all shall share in the wealth of this country.
We still affirm our stance on the Nationalization of the SARB as it will deal directly with policy changes that will speak directly to transforming our economy.