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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