Finance minister Nhlanhla Nene intervened at an ANC political strategy meeting on Tuesday to argue that a debate on nationalising the Reserve Bank should not go before Parliament, the Sunday Times reported on Sunday.
Hours later the ANC withdrew a motion on the issue.
ANC insiders told the Sunday Times that other members of Parliament also backtracked on the issue – after Nene's arguments that the party should first better inform itself about central bank ownership elsewhere in the world, and that the ANC should avoid spooking foreign investors.
The ANC suddenly withdrew its motion on Tuesday for what it said was "to allow for greater consultation within structures of the African National Congress and key stakeholders".
The ANC's elective conference in December passed a resolution that the Reserve Bank must be nationalised. That conference is the highest decision-making body within the ruling party.
On Wednesday the party issued another statement in which it simultaneously welcomed its parliamentary caucus' decision to withdraw the motion and insisted it will be tabled again.
"The ANC is of a firm belief that the withdrawal of the motion will deepen the content of the envisaged motion and that the postponement creates an adequate platform for the ANC to place on the agenda an instructive motion that places South Africa on the path of radical socio-economic transformation based on job creation and equitable wealth, asset and income distribution," the ANC said.
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