Interview
South Africa Reserve Bank IEB Gr 8
- Module
- Institution
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1South African Reserve Bank (SARB)
Definition:
The SARB is the National Bank for South Africa. It is the central bank
for the country and its banking institutions, i.e. it is the official bank
of the government or state .
South Africa's central bank was established in 1921 in terms of a special Act of
Parliament.
The Reserve Bank has a significant degree of autonomy in terms of South
Africa's Constitution and performs its functions independently, although it
holds regular consultations with the minister of finance.
The Bank is managed by a board of 14 directors representing commerce,
finance, industry and agriculture. Seven directors are elected by the Bank's
shareholders.
The President of South Africa appoints the governor, three deputy governors
and three other directors to the board.
Governor of the South African Reserve
Bank (SARB) Lesetja Kganyago
Lesetja Kganyago
First appointed in 2014 to
replace Gill Marcus
Lesetja has been re-
appointed to serve another
5yrs
Functions of the South African Reserve Bank (SARB)
• The primary object of the South African Reserve Bank is to protect the value
of the currency in the interest of balanced and sustainable economic growth in
the Republic. The SARB's management, powers and functions are governed by
the South African Reserve Bank Act of 1989.
• The SARB acts as the central bank for the country and its banking
institutions, ie it is the official bank of the government or state, it currently
holds the accounts of the central and provincial governments, however the
central government can now hold accounts with commercial banks.
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