South African Reserve Bank
South African Reserve Bank radminSub-region
Governor's photo
Acting Governor?
Off
Governor's Name
Mr Lesetja Kganyago
Headquarters
Pretoria
Currency
Rand - ZAR
Website
banks_subregion_taxo
Republic of South Africa
Republic of South Africa radminSouth Africa Yearbook 2009/10
The South Africa Yearbook gives a comprehensive account of the programmes and policies of our government as well as the current state of the South African nation. This publication is the official authoritative reference work on the Republic of South Africa and is updated annually.
Foreword
Contents
South Africa – A winning nation
- Land and its people
- History
- Agriculture, Forestry and Fisheries
- Arts and Culture
- Communications
- Economy
- Education
- Energy
- Environmental Affairs
- Finance
- Government System
- Health
- Human Settlements
- International Relations and Cooperation
- Justice and Correctional Services
- Mineral Resources
- Police, Defence and Intelligence
- Rural Development and Land Reform
- Science and Technology
- Social Development
- Sport and Recreation
- Tourism
- Transport
- Water Affairs
Index
Pocket Guide to South Africa
Content of the quick-fact, easy-to-read publication is largely based on information contained in the latest edition of the South Africa Yearbook. The Pocket Guide is also aimed at providing a useful reference tool to inform South Africans and the world of efforts of government and the people of South Africa to create a better life for all.
Editor: Delien Burger (e-mail: delien@gcis.gov.za) Tel: 012 314 2410 Fax: 012 323 2557
How to order:
To obtain a copy of the SA Yearbook 2009/10 or Pocket Guide to South Africa 2009/10, please e-mail your request to delien@gcis.gov.za, stating your postal address, physical address and telephone numbers.
The rand
The rand radminData : not available
About South African Reserve Bank
About South African Reserve Bank SOUTHAFRICAThe Reserve Bank is the central bank of the Republic of South Africa. The Bank was established in 1921 in terms of a special Act of Parliament, the Currency and Banking Act, 1920 (Act No. 31 of 1920).
Prior to the Bank's establishment, commercial banks in South Africa issued banknotes to the public. There was however no uniformity in the legislation providing for the issuance of banknotes by commercial banks. The only requirement was that issuing banks were obliged to convert notes held by the public into gold when banknotes were tendered at their branches.
After the First World War (1914 - 1918), the price of gold in the United Kingdom rose above its price in South Africa and a profit could be made by converting banknotes into gold in South Africa and selling the gold in London. Commercial banks had to buy gold at a higher price in London (for re-import into South Africa to back their banknotes in issue) than the price at which they converted their banknotes into gold. This "obligation to trade at a loss" posed a serious threat to the ability of banks to continue meeting their obligations.
To protect their financial viability, the commercial banks requested the Government to release them from the obligation to convert their banknotes into gold on demand. This led to the Gold Conference of October 1919. Following the recommendations of the Conference, a Select Committee of Parliament recommended the establishment of a central bank to assume, among other responsibilities, responsibility for the issuing of banknotes and for taking over the gold held by commercial banks.
The South African Parliament accepted the recommendation of the Select Committee on the creation of a central bank and promulgated in December 1920 the Currency and Banking Act, which provided for the establishment of the Bank. Effect was given to its various provisions in the course of the next six months and the Reserve Bank opened its doors for business for the first time on 30 June 1921.
Previous Governors
Since 1921, the Bank has been served by eight Governors. Ms Gill Marcus, is the first woman to lead the Bank.
The Bank's previous Governors were:
Mr W H Clegg, 17 December 1920 to 31 December 1931
Dr J Postmus, 1 January 1932 to 30 June 1945
Dr M H de Kock, 1 July 1945 to 30 June 1962
Dr G Rissik, 1 July 1962 to 30 June 1967
Dr T W de Jongh, 1 July 1967 to 31 December 1980
Dr G P C de Kock, 1 January 1981 to 7 August 1989 (the only person who died while still serving as Governor)
Dr C L Stals, 8 August 1989 to 7 August 1999
Mr T T Mboweni, 8 August 1999 to 8 November 2009
Ms G Marcus, 9 November 2009 to 8 November 2014
Current Governor
Mr EL Kganyago, 9 November 2014
Functions
The primary function of the Reserve Bank is to protect the value of South Africa's currency.
In discharging this role, it takes responsibility for:
- Ensuring that the South African money, banking and financial system as a whole is sound, meets the requirements of the community and keeps abreast of international developments;
- Assisting the South African government, as well as other members of the economic community of southern Africa, with data relevant to the formulation and implementation of macroeconomic policy; and
- Informing the South African community and all stakeholders abroad about monetary policy and the South African economic situation.