Flawed Mandate: How the SA Reserve Bank increases poverty, unemployment and inequality

By Buddy Wells This article was originally written in 2015, updated in 2016, and we are republishing it now, in 2017 due to the centrality of the South African Reserve Bank in current national politics. Understanding the role of the Reserve Bank, as outlined below, is thus of utmost importance. This article was originally published …

PICTURES: BLF march to the Reserve Bank

By BO Staff Writer On Friday, the Black First Land First (BLF) movement marched to the South African Reserve Bank (SARB) to demand that the institution act on the Public Protector’s preliminary report which found that ABSA illegally benefited from apartheid cash injections from the SARB. BLF joined the ANC Youth League (ANCYL) recently in …

National Treasury responds to banking scandal

By BO Staff Writer The National Treasury has finally responded to the biggest scandal of the year – banks unethically meddling with the rand/dollar currency pricing. The Competition Commission has referred ABSA, Standard Bank, Investec, and 14 international banks, to the Competition Tribunal for prosecution. The flaccid statement by the Treasury, headed by Finance Minister …

Competition Commission says 17 banks must be prosecuted for collusion

By BO Staff Writer Yesterday, the Competition Commission issued a statement which corroborated what many have been saying for a long time – the banks are corrupt! Seventeen banks – three South African, ABSA, Standard Bank and Investec – have been implicated and are up for prosecution, in a collusion case involving “price fixing and …