Four learners from Krugersdorp High School in Gauteng have won R10 000 each in the South African Reserve Bank (SARB) Monetary Policy Committee (MPC) Schools Challenge.
The Office of the ANC Chief Whip in Parliament Jackson Mthembu says the ANC caucus will engage and scrutinise the EFF’s proposed amendments to the Reserve Bank Act at a committee level to decide on the desirability of the Bill and if it is in line with ANC policy.
Opposition firebrand Julius Malema introduced a bill to nationalise South Africa’s central bank, raising pressure on the ruling ANC to go through with a plan it shelved this year and rattling markets wary of threats to the institution’s independence.
The South African Reserve Bank was surprised by the magnitude of the rand weakness early on Monday but forex market conditions where “nowhere near” requiring the bank to intervene, deputy governor Daniel Mminele told Reuters.
South Africa’s rand plunged more than 10% to a 2-year low against the dollar early on Monday and government bonds weakened sharply as a renewed rout in the Turkish lira spread to other emerging markets.