South African Reserve Bank
Address: 370 Helen Joseph Street
City: Pretoria
ZIP Code: 0001
State/County: Gauteng
Country: South Africa
Board Member
Pearl Kgalegi
Description:
The South African Reserve Bank (SARB) is the central bank of South Africa. The SARB derives its mandate from Section 224 of the Constitution of South Africa. The primary mandate of the SARB is to protect the value of the currency in the interest of balanced and sustainable economic growth. The SARB is under the leadership of a Governor and three Deputy Governors.
The Monetary Policy Committee (MPC) consist of up to 7 members from the SARB, including the Governor and three Deputy Governors and selected senior officials. The MPC releases the MPC statement every 2nd of the month.
The Monetary Policy Committee (MPC) consist of up to 7 members from the SARB, including the Governor and three Deputy Governors and selected senior officials. The MPC releases the MPC statement every 2nd of the month.
The SARB focuses on nine key roles:
- Monetary Policy
- Financial Markets
- Statistics
- Financial Stability
- Financial Surveillance
- Research
- Prudential Regulation
- Payments and Settlements
- Banknotes and Coin
Through the key roles, the SARB is responsible for the following:
- issuing and destroying banknotes and coin;
- regulating and supervising financial institutions;
- managing the official gold and foreign reserves of the country;
- managing the national payments system;
- administering the country’s remaining exchange rate control systems;
- acting as the banker to government; and
- acting as lender of last resort to provide liquidity assistance in exceptional cases.
