South African Reserve Bank

The South African Reserve Bank is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920," as a direct result of the abnormal monetary and financial conditions which World War I had brought. The SARB was only the fourth central bank established outside the United Kingdom and Europe, the others being the USA, Japan and Java.

Unlike the Bank of England, which provided the model for establishing the SARB, the SARB is privately owned as a result of the dismantling of Apartheid.

Functions of the South African Reserve Bank

• Formulating and implementing monetary policy;
• Issuing banknotes and coin;
• Supervising the banking system;
• Ensuring the effective functioning of the national payment system (NPS);
• Managing official gold and foreign-exchange reserves;
• Acting as banker to the government;
• Administering the country's remaining exchange controls; and
• Acting as lender of last resort in exceptional circumstances.

List of Governors of the South African Reserve Bank.

• William Henry Clegg - December 1920 - December 1931
• Johannes Postmus - January 1932 - June 1945
• Michiel Hendrik de Kock - July 1945 - June 1962
• Gerhard Rissik - July 1962 - June 1967
• Theunis Willem de Jongh - July 1967 - December 1980
• Gerhardus Petrus Christiaan de Kock - January 1981 - August...... ...
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