Submissions Invited on South African Reserve Bank Amendment Bill

Posted 13 June 2025 Written by Acts Online
Category Parliament

Brought to you by SA Legal Academy: The National Assembly’s Standing Committee on Finance has invited written comments on the South African Reserve Bank Amendment Bill [B26-2018], a private member’s bill seeking to transfer ownership of the bank to the state.

The Bill proposes significant amendments to the South African Reserve Bank Act, No. 90 of 1989. Its primary objective is to make the South African government the sole shareholder of the South African Reserve Bank (SARB), effectively nationalising the institution. Currently, the SARB has approximately 650 private shareholders, including foreign nationals and private individuals, who elect members of the board of directors at ordinary general meetings.

Key provisions of the South African Reserve Bank Amendment Bill [B26-2018] include:

  • The amendment of Section 21 of the Act to provide for the State as the sole shareholder of the SARB’s shares.
  • The empowerment of the Minister of Finance to appoint directors to the SARB board, replacing the current shareholder election process.
  • The removal of private individuals and foreign nationals from the bank’s shareholding structure.

The Bill has lapsed and been revived twice since its initial introduction in August 2018. Following the submission period, the Standing Committee on Finance is expected to conduct a hearing on 2 July 2025 to determine the “desirability” of the Bill before it can proceed further through the legislative process.

Written submissions must be directed to the Committee by no later than 30 June 2025.

What this means for you, your business, or your clients

  • For yourself: No direct individual compliance obligations; however, professional advisors should monitor the Bill’s progress to understand potential shifts in the SARB’s governance and independence framework.
  • For your business: Financial institutions and firms in the regulated sector must assess the long-term implications of a change in the SARB’s shareholding structure on monetary policy stability and institutional autonomy.
  • For your clients: Existing private shareholders of the SARB must be advised of the potential expropriation of their shares and the 30 June 2025 deadline for making formal representations to the National Assembly.

Originally published at https://legalacademy.co.za/news/read/eff-s-sarb-amendment-bill-opened-for-written-submissions

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