The African National Congress Youth League’s president Collen Maine on Monday closed his bank account at Absa‚ accusing the financial institution’s UK parent company of contributing to the weakness of the rand‚ the party said

President Collen Maine will withdraw his savings and terminate his relations with the Absa bank given its recent conduct affecting the Rand‚” the ANCYL said in a statement via Twitter.


In a statement on 12 January 2016‚ the ANCYL asserted: “Barclays Bank‚ which was largely welcomed in South Africa‚ has been‚ for the past months‚ excessively and aggressively selling our currency. This has created a panic in international commodity trading platforms like forex. The excessive selling by Barclays has in turn reduced the demand for the South African Rand. They have not been doing it alone. They have been doing this with the assistance of their American counterparts‚ Goldman Sachs. The plan is to sell so much of the Rand currency in order to drive down its price and then to later re-purchase it‚ which will push up its value as demand for it increases. This is how that they profiteer and play with our country‚ through their actions.”

The party further alleged: “A company like Barclays has no interest in growing our economy‚ but the economy of their country of origin… Companies like Barclays intend to undermine economies of BRICS countries because they pose a threat to their country‘s growth initiatives. South Africa has become a target of the anti-BRICS countries‚ who see it as a threat to their appetite for the African economy.”

The statement concluded with this threat: “The ANCYL calls on patriotic South Africans to withdraw their savings from Barclays controlled financial institutions like ABSA. Barclays should pay the price for their actions and the ANC Youth League will lead the onslaught. The ANC Youth League will organize serious boycotts against ABSA. South Africans must unite and defend the sovereignty of our country against this capitalist agenda.”

Absa has also been a target of the opposition Economic Freedom Fighters (EFF)‚ which has threatened to organise a march and sit-ins at the bank. The EFF accused the bank‚ formerly an amalgamation of various banks including Volkskas‚ of having a relationship with “the Afrikaner broederbond”.


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