S.Africa's Coastu union group welcomes watchdog central bank recommendations

South Africa's biggest labour federation Cosatu on Tuesday welcomed recommendations from an anti-graft watchdog that the central bank's mandate of maintaining currency and price stability be changed to promote economic growth.

"We have been calling for the nationalisation of the Reserve Bank for decades and we have long argued that the bank is not acting in the interests of the poor majority," Coastu, a key political ally of the ruling African National Congress (ANC), said in a statement.

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