Marcus calls for SARB amendment bill to be fast-tracked

Following Finance Minister Pravin Gordhan’s comments last week that the government is to amend the country’s Reserve Bank Act, SARB Governor Gill Marcus yesterday urged the country’s Parliament to “fast track” the South African Reserve Bank Amendment Bill.

This comes amid calls for the nationalisation of the SARB by some of its board members. Marcus said that she would “appreciate it” if  the bill were passed ahead of the Bank’s  annual general meeting, which is scheduled for September, and asked for government to hold public hearings on the bill in “perhaps a slightly shorter time than is normally done”.

Marcus noted that there would be three vacancies that need to be filled at this meeting, and therefore, she would like the process to be governed by the new legislation.

She also echoed comments made by Mr Gordhan, who said the Bank needed a board that allowed it to do its duty and one that “would be a resource to the organisation”.

Any amendments to the Reserve Bank Act will be largely legislative moves and will in no way affect on the conduct of monetary policy in South Africa.

Source: Absa Bank