South African Reserve Bank

South African Reserve Bank

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South African Reserve Bank

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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.

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