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ANC calls on South African government to nationalize central bank

South Africa's ruling African National Congress demanded that the government start the process of nationalizing the South African Reserve Bank, Times Live reported.

The final decision, made at ANC's national conference, would see the government owning 100% of the reserve bank's shares instead of private shareholders.

Conference delegates have been adamant that it was a historic anomaly that private shareholders own the Reserve Bank's shares, Times Live reported.

The reserve bank pushed back against the plan when it was first discussed at the ANC's policy conference in June, saying the bank's private shareholding structure does not affect its monetary policy stance or its regulatory role in the banking sector and in the broader economy.