Any move towards ‘nationalisation’ would be largely symbolic and would have no impact whatsoever on the SARB’s mandate. The view that the SARB is owned and run in the interest of the private sector is incorrect. Our independence and mandate are enshrined in the Constitution. Whether the SARB has private shareholders or whether all its shares are owned by government, its primary mandate remains.
Even a limited degree of independence, taken literally, could be viewed as inconsistent with democratic ideals and, in addition, might leave the central bank without appropriate incentives to carry out its responsibilities. Therefore, independence has to be balanced with accountability accountability of the central bank to the public and, specifically, to their elected representatives.