South African Reserve Bank (Central Bank of South Africa)

By: EconomyWatch   Date: 9 September 2010

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The South African Reserve Bank is the central bank of the Republic of South Africa. The Bank was established on the basis of a special Act of Parliament, the Currency and Bank Act of 10 August 1920.

The primary aim of the South African Reserve Bank is to achieve and maintain price stability in the republic. The bank, in carrying out its duties needs to pursue and maintain a balanced economic development and growth in the country.

In the pursuance of its goal the bank is required to undertake following activities:

  • Formulating and implementing monetary policy in such a way, which is conducive to the interest of the whole community
  • Ensuring the soundness and reliability of the South African money, banking and financial system, and ensuring that it meets the requirements of the community and keeps a tab on the international happenings
  • Supporting the South African government, as well as other elements of the South African economic community
  • Informing all the interested stakeholders about the country’s monetary policy and the economic situation

The administration of the South African Reserve Bank is in the hands of a Board of Directors. The Board has 14 members. Among the members are the Governor, three Deputy Governors, who are appointed by the President of the Republic for five year terms.

The President also appoints three other directors for a period of three years. The rest seven directors, representing varied sections of the industry are elected by the shareholders. The Governor and the Deputy Governors are responsible for the management of the daily affairs of the bank.

The Address and Contact details of the bank is as follows:

South African Reserve Bank

Address: P.O. Box 427 Pretoria 0001 SOUTH AFRICA Phone No.: ++27-12-313 39 11 Fax: ++27-12-313 31 97


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