EFF Julius Malema has called for the establishment of a state-owned bank to compete with privately owned banks, especially in the wake of the rand manipulation scandal.
He was addressing the party’s ground forces forum, including volunteers and party members in preparation for next year’s elections, in Pietermaritzburg.
Malema addressed the claims of manipulation of the rand as pressure mounts on the South African Reserve Bank (SARB) and the national Treasury to communicate a clear message on the damage caused and repercussions for banks that were involved in the dollar-rand exchange scandal.
Almost 30 commercial banks are under fire for alleged price fixing involving the South African local currency.
British multinational bank, Standard Chartered, was recently fined almost R43 million by the Competition Commission after it admitted to engaging in currency manipulation between 2007 and 2013.
Malema said one of the most practical things that could be done is for the country to establish its own state-owned bank which would compete with the other banks.
“Let there be state-owned and private banks. Today the banks manipulate the rand and no one has suggested any radical action against the banks because they are controlled and captured by capital.
“If people steal from you like that, why can't we show the power of the people? Let us have two days of no banking and all of them must close.
“Why can we not stop paying our bonds for two or three months because they (the banks) took this in advance.”
Malema said the manipulation of the rand even meant that those who own taxis that are financed by banks “have paid more than they were supposed to”.
“They punish people through heavy repayments. A taxi paid over five years eventually becomes run-down and you have to buy a new one ... you will never be rich.
“Why has there not been a call to take action against the banks, because we are controlled and owned by the owners of the banks and they think they have more power than all of us. But once the masses unite and say this is enough, all of us will be on the streets to teach banks a lesson.”
A few weeks ago Malema raised the issue of the country’s banks being bullies. He took to social media to voice his displeasure, saying “they think they are all-powerful”.
Malema said the ground forces forum, which has been conducted across the country, was an opportunity to speak directly to party members in preparation for next year’s provincial and national elections.
“This is the most important election as, for the first time, the ANC will face a serious contestation. It is a turning point for the politics of South Africa and to make up for the lost opportunities of 1994.
“Many people say the revolution took place in 1994, but this is not true. Since 1994 the oppressor has not lost anything but gained more and the oppressed have become more oppressed,” Malema said.
The country had experienced 30 years of mediocrity, which had seen social exclusion and unemployment continue to rise, he said.
With reference to the construction mafia, Malema said criminals believed they were more powerful than the state.
“How can they be more powerful than the state? How can a well-known thug ask for 30 or 40% to allow you to open your business?
The Mercury