The Standing Committee on Finance has resolved to conduct a second round of public hearings on the South African Reserve Bank (SARB) Amendment Bill [B26-2018], in consultation with the office of the National Assembly Speaker.

The Bill was tabled in 2018 as private member’s Bill in the name of a Member of Parliament, Mr Julius Malema. It then lapsed at the end of the 6th Parliament and has since been revived in the 7th Parliament. The first round of the public hearings was held on 18 November 2018.

The committee was briefed today by the Parliamentary Budget Office on its analysis and assessment of the Bill’s socio-economic impact.

The SARB Amendment Bill seeks to, amongst other things, amend the South African Reserve Bank Act to make the state the sole shareholder of the shares in the bank and gives powers to the Minister to exercise the rights attached to the shares on behalf of the state. It further seeks to give the Minister of Finance power to appoint directors of the board, instead of board members being elected at an ordinary general meeting.