On the sidelines of a Progressive Youth Alliance (PYA) briefing in Johannesburg yesterday, the league expressed its concern about the economy, claiming Absa and Barclays are largely responsible for the rand’s recent weakness.
The youth league has called on the ruling party to move all government funds away from Absa and says it’s lobbying for sanctions against the bank, after the rand fell to R17,99 against the dollar earlier this week.
Maine has refused to blame government of the recent change in finance ministers for the decline. He believes a number factors are responsible including the actions of large international banks.
“The individual leaders of the youth league including its president who is banking with Absa will withdraw whatever they have and take it to a progressive institution.”
