South Africa's biggest union federation COSATU, a partner of the ruling ANC party, has called for a reversal of measures taken to relax foreign exchange controls and taxing short-term capital flows.

The positions laid out in an economic policy paper put pressure on the ruling African National Congress to reconsider its foreign exchange and economic policies.

COSATU said the ANC's policies in the past ten years had failed to create employment. It called for job creation to be the primary mandate of the South African Reserve Bank.