EFF’s SARB AMENDMENT BILL OPENED FOR WRITTEN SUBMISSIONS

EFF’s SARB AMENDMENT BILL OPENED FOR WRITTEN SUBMISSIONS

• 13 June 2025
• Parliament
• SA Legal Academy

The National Assembly’s Finance Committee has issued a notice calling for written submissions on the South African Reserve Bank (SARB) Amendment Bill, which EFF leader Julius Malema tabled in August 2018. The deadline for input is 30 June 2025, with parliamentary hearings scheduled to take place two days later.

Seeking to make the state the SARB’s sole shareholder, the Bill also empowers the Minister to appoint directors. This is noting that, according to a memorandum on ithe Bill’s objects, the SARB’s 650 shareholders include ‘private individuals’ – some of whom are ‘foreign nationals’. In that context, members of the SARB’s board of directors are elected at an ‘ordinary general meeting of shareholders’. The EFF would like to see the SARB nationalised.

Since being tabled, the Bill has lapsed and been revived twice. According to Parliamentary Monitoring Group records:

• parliamentary hearings were held in November 2020
• the National Assembly Finance Committee in place at the time waited almost three years before discussing the Bill again
• members then called for a socio-economic impact assessment, and
• on 11 September 2024, the new committee was briefed on its results.

Once members have considered written submissions and oral representations on the Bill, the committee will vote on its desirability. A PMG report on the September 2024 meeting tends to suggest that the Bill will be deemed undesirable and eventually withdrawn.

• Bill
• briefing document
• committee notice

Published by SA Legal Academy Policy Watch

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