In keeping with the Socialist principle that the State must own and control everything, as with the ANC’s National Health Insurance Scheme, the National Treasury said it was also moving forward with the establishment of a state-owned bank for South Africa, and that Cyril Ramaphosa, and the Minister of Finance, Tito Mboweni, were supporting it. It might surprise many to discover that the Central Bank is in fact privately owned, as it is worldwide.
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ANC Government wants to Establish a State Bank, in Line with their Socialist Principles. Hint: Central Banks are Private!
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Badnews, here’s how much you can expect to pay for petrol next month (June)
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South Africa’s annual inflation slowed for the first time in three months, with the rate falling below the midpoint of the central bank’s target range after moderation in food-price growth tempered an increase in the cost of petrol. Annual consumer-price growth decelerated to 4.4% from a year earlier compared with 4.5% in March, Statistics South..
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Why the ANC is so desperate to nationalise the Reserve Bank even though it will be catastrophic for South-Africa in light of the major blow last week when the Rand weakened drastically after Ramaphosa’s announcement
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President Cyril Ramaphosa delivered a major blow to the rand this week after making it explicitly clear that the ANC, and thus government, will move ahead with its goal to nationalise the South African Reserve Bank. Ramaphosa’s line in Parliament on Thursday (7 March) – in which he said that ANC had made its position..
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Jacob Zuma wages war on South Africa’s institutions
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The South African president wants to take over the country’s money printing presses… “An assault on the central bank is the latest stage in a descent into crony capitalism Jacob Zuma has tightened his grip on the finance ministry, the state prosecutor, the public protector and the tax authorities. All of them, to one degree..
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