Reserve Bank likely to be grilled on Phala Phala probe in Parly

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The South African Reserve Bank and Prudential Authority are due to update Parliament on their annual reports on Wednesday.

The central bank is likely to be grilled on its Phala Phala investigation that absolved President Cyril Ramaphosa of wrongdoing.

But opposition parties are united in condemning the report. The Economic Freedom Fighters (EFF) has already indicated it will take the Reserve Bank’s report on judicial review.

The EFF says the bank has no record of the foreign currency that was stolen from Ramaphosa’s farm in Limpopo in 2020 because it was brought into South Africa unlawfully.

Addressing the media in Kempton Park, Johannesburg, on Sunday, EFF leader Julius Malema says, “We reject with contempt the SARB cover-up of the Phala Phala crimes and unlawful smuggling of foreign currency. We will take the SARB report on Phala Phala Dollars to court for judicial review because there is evidently an attempt to cover up the crimes committed in Phala Phala and state institutions are being abused in protection of the outgoing president of South Africa.”

VIDEO:  Malema on the Reserve Bank Report: