SARB amendment bill

EFF leader Julius Malema intends to introduce a Private Member’s Bill in terms of the Constitution, to amend the South African Reserve Bank Act.

The SARB Act, among other things, deals with the share capital of the bank. The provision of the share capital of the bank and the increase of the share capital by issuing shares enables private individuals, including foreign nationals, to buy and own shares in the SARB.

Parliament has invited you to object or support amendments to the SARB Act by providing comment below. Should you be at a loss for words, read the live input or documents below the form. Feel free to copy and paste into the message area provided.   Closing date is midnight 25 June 2018.

It is important to note this is not simply a petition but is the first step in an essential Participative Democracy process. And here’s the best bit; as each comment is immediately sent as a unique email to the designated government representative, comments must, by law, be individually acknowledged and considered by the Government. Had this been a petition, they would treat it as a single comment.

By using this service you ensure an accurate record is held by civil society (on our encrypted database) so government cannot fudge facts and figures. This process forms a solid foundation for a legal case should the necessity arise.

Add your comment now.

2261 comments sent so far.

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LIVE FEED OF COMMENTS SENT

Displaying newest 10 comments sent. Reload the page to see more.

2018-08-14 22:44:37 +02:00
Lizette
No, do not amend the SARB Bill.
All I'm going to say is that malema ia an idiot and needs to go back to his country of birth and attempt is idiocies there.
2018-08-14 14:10:35 +02:00
Heather
No, do not amend the SARB Bill.
A resounding NO!!
This Government, is not to be trusted, the corruption is rife!!
2018-07-26 09:36:51 +02:00
Alexis
No, do not amend the SARB Bill.
Absolute NO,
SARB suppose to enforce monetary policy that will sustain economy and the South African people and not look to sell of company assets to highest bidder, even more disturbing is to open to foreigners!
2018-07-24 18:42:23 +02:00
Gerhard
No, do not amend the SARB Bill.
I am against it.
2018-07-22 12:10:21 +02:00
Trevor
No, do not amend the SARB Bill.
This is the most moronic idea i have yet heard and can only be suggested by an uneducated ignorant person who does not realize the implication of what he is suggesting, and coming from Malemma that makes sense because he clearly does not have the best interests of our people at heart. This will cause disinvestment, further loss of jobs and more poverty. Whatever this Goverment touches goes bankrupt and now he is suggesting that the government takes over our reserve bank. The mind boggles. No wonder we are at JUNK STATUS and our rand is trash.

POINTS TO NOTE

  • The bank currently has about 650 shareholders other than government.
  • The Amendment Bill seeks to amend the act to make the state a sole holder of the shares of the bank.
  • The draft bill will provide for the president, in consultation with the minister of finance and Parliament, to appoint the governor, deputy governors and all other directors of SARB.
  • The draft bill will also set out the role of the minister of finance as a shareholder to exercise the rights attached to the shares in the bank.
  • In terms of the Constitution, the bank is independent from government, and private shareholders have no say over monetary policy.
Reserve bank

DOCUMENTS

Download the draft Amendment Bill

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