Reserve Bank for public good, not profit - Marcus

Tuesday, January 26, 2010

Pretoria - The South African Reserve Bank (SARB) is there for the public good and not for profit purposes, says Governor Gill Marcus.

Responding to a question about calls for the central bank to be nationalised, Marcus said the view of the bank was that it was "there for the public good."

"The central bank is an institution which is not for profit, if they make a profit it goes to government, 90 percent of it goes to government."

According to media reports there have been calls for the central bank, which is one of the few independent central banks in the world, to be nationalised.

"I think there has been a lot of discussion about it [nationalisation]. As far as we're concerned the current shareholding prevails. Yes, there are issues around it that needs to be addressed but it's a legal entity and nobody actually owns it in that sense.

"It is an institution enshrined in the Constitution acting in the public interest of all South Africans," Marcus said.

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