JOHANNESBURG - The Democratic Alliance has described attempts to nationalise the South African Reserve Bank (Sarb) as a "hostile takeover", saying it will oppose what it sees as a political manoeuvre to influence the mandate and operations of the central bank and the country's banking system as a whole.
The radical Economic Freedom Fighters' (EFF) leader Julius Malema last week introduced a bill in Parliament to nationalise the central bank.
The South African Reserve Bank Amendment Bill would make the State the sole holder of the shares in the bank and "provide for the appointment of certain board directors by the (finance) minister".
DA member of the finance committee Gwen Ngwenya said this was an electoral gimmick with which the EFF hoped to dominate the ruling African National Congress' radical agenda, and position itself as the authentic party of the left, whether or not the Bill was passed.
The DA governs some key metros with EFF's political backing.