Reserve Bank mandate must be reviewed

26 May 2009

The Young Communist League of South Africa (uFasimba) fully supports NUMSA’s mass action to the Reserve Bank to demand the scrapping of the inflation targeting policy, cutting of interest’s rates and prioritisation of jobs creation, growth and sustainable development.

The YCLSA strongly believes that the strategic mandate and focus of Reserve Bank should be reviewed and be redefined to focus on job creation and to mitigate the impact of the global and capitalist meltdown crisis now being felt by ordinary South Africans. In South Africa, thousands of jobs are being lost and families are losing breadwinners, cars and houses are being repossessed by the Capitalist Banks as a result of capitalist financial crisis. The inflation targeting framework underpinned by capitalist principles and logic has failed to address the developmental needs of our country.

The Reserve Bank should be playing a key strategic role in job creation and meeting the demands of the working class and the poor within the overall political economy geared towards reversing the colonial and apartheid legacy. The growing inequalities and unemployment poses a major social and economic crisis not for new Jacob Zuma led administration, but also for the Reserve Bank.

As the YCLSA we demand that the Reserve Bank should not assume a posture or seek to be a ‘cartel’ to serve the interests of capital, but we need a Reserve Bank that focuses on quality job creation and poverty eradication. The policies of the Reserve Bank must be aligned to the objectives of the developmental State and agenda. This is totally in sync with the policies adopted at the watershed 52nd National Congress of the ANC in 2007, the various Alliance summits and incorporated into the ANC led Alliance elections manifesto and now adopted by government led by President Zuma.

Issued by YCLSA

Contact:

Castro Ngobese

YCLSA National Spokesperson @ 082 567 3557

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