ANC president and President of SA Cyril Ramaphosa.

CAPE TOWN - The ANC has withdrawn its motion to discuss the nationalisation of the South African Reserve Bank. 

The party was set to lead a discussion on the SARB's mandate in Parliament on Tuesday, a decision that was criticised by some opposition parties. 

The ANC said it needs to undertake greater consultation with its structures and key stakeholders on the matter. 

The SARB has been the focus of some public criticism following the release of the Public Protectors CIEX report which ordered that ABSA should pay back over a billion rands to the SARB for a loan it received from the bank in the early nineties. 

Advocate Busisiwe Mkhwebane ordered that the bank pay back the money because it acquired Bancorp, the bank that was loaned the money by SARB. 

This decision has since been overturned by the High Court. 

The calls for the nationalisation of the SARB have increased in certain ANC camps. The topic was on discussion at the ANC’s elective conference in December and at its policy conference in July last year. 

The party resolved at the conference that the bank’s mandate should revised.