Economic Freedom Fighter leader Julius Malema has proposed legislation changes to nationalise the Reserve Bank.

Malema has submitted a private members bill to Parliament to amend various sections in the South African Reserve Bank Act.

The nationalisation of the Reserve Bank is the second cardinal pillar of the EFF which calls for the nationalisation of mines and banks.

The object of the Bill proposed by Malema seeks to amend the principal Act to make the State the sole holder of the shares in the reserve bank.

It also aims to give powers to the Finance Minister to exercise the rights attached to the shares in the Bank with the state as owner.

Malema also wants the proposed amendments to make provision for the appointment process of directors of the Board.

In his proposal he says instead of electing the board at an ordinary general meeting of shareholders, the board should be appointed by the Minister.

In the process of appointing the board, the bill will make provision for a process on how nominations of board directors should be done.