South African Reserve Bank

South African Reserve Bank
10 other official names: Suid-Afrikaanse Reserwebank (Afrikaans) lBulungelo-mali eliKhulu leSewula Afrika (Southern Ndebele) iBhanki enguVimba yoMzantsi Afrika (Xhosa) iBhange-ngodla laseNingizimu Afrika (Zulu) liBhangi lesiLulu leNingizimu Afrika (Swati) Panka ya Resefe ya Afrika Borwa (Northern Sotho) Banka ya Sesiu ya Afrika Borwa (Sotho) Banka-kgolo ya Aforika Borwa (Tswana) Banginkulu ya Afrika-Dzonga (Tsonga) Bannga ya Vhukati ya Afurika Tshipembe (Venda)
Logo
Headquarters	Pretoria, South Africa
Governor	Lesetja Kganyago
Central bank of	South Africa
Currency	R ZAR (ISO 4217)
Website	www.reservebank.co.za

Public finance

Policies Agricultural Economic Energy Industrial Investment Social Trade Fiscal Monetary Policy mix
Fiscal policy Budget policy Debt external internal Deficit / Surplus Finance ministry Fiscal union Revenue Spending deficit Tax
Monetary policy Bank reserves (requirements) Discount window Gold reserves Interest rate Monetary authority central bank currency board Monetary base Monetary (currency) union Money supply
Trade policy Balance of trade Free trade Gains from trade Non-tariff barrier Protectionism Tariff Trade bloc Trade creation Trade diversion Trade / Commerce ministry
Revenue Spending Non-tax revenue Tax revenue Discretionary spending Mandatory spending
Optimum Balanced budget (fiscal) Growth (trade and investment) Price stability (monetary)
Reform Fiscal adjustment Monetary reform

The South African Reserve Bank (SARB) 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 United States, Japan and Java. The earliest suggestions for the establishment of the Central Bank in South Africa date back to 1879. The select committee, consisting of the ten members of Parliament was established on 31 March 1920 to examine the benefits to the national interest of the establishing of the central bank.^[1]

Following on the recommendations of the committee, the South African Reserve Bank opened for business on 30 June 1921, making it the oldest central bank in Africa. The first banknotes were issued to the public by the Bank on 19 April 1922.

Unlike the Bank of England, which provided the model for establishing the SARB, the SARB is privately owned.^[2]

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.

Organizational Structure

Board of Directors

SARB has a board of directors consisting of a Governor, three Deputy Governors, and eleven Directors. The Governor, and Deputy governors are appointed for five-year terms by the President of the Republic of South Africa in consultation with the Minister of Finance. Four of the directors are also appointed by the President for terms of three years. The remaining seven directors are appointed by the Shareholders of the Bank, also for a three-year term.^[3]

Ownership

The Reserve Bank is privately owned, with 2 million issued shares. The only limitation on shareholding is that no single shareholder may own more than 10,000 shares individually. Currently there are more than 660 shareholders owning shares in the South African Reserve Bank.

Shareholders are entitled a dividend of not more than 10 South African cents per share per annum (the total maximum dividend is therefore 200,000 South African Rand or a maximum of 1,000 South African Rand for any individual shareholder), with the remaining profits being paid to the South African government.^[1]

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 1989
Christian Lodewyk Stals – August 1989 – August 1999
Tito Mboweni – August 1999 – November 2009
Gill Marcus – November 2009 – November 2014
Lesetja Kganyago – November 2014 – present

External links

Official site: South African Reserve Bank

Notes

Central banks

Global

Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board

By continent

Africa	Bank of Central African States Central Bank of West African States Bank of Algeria National Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Central Bank of Madagascar Reserve Bank of Malawi Central Bank of Mauritania Bank of Mauritius Bank Al-Maghrib (Morocco) Bank of Mozambique Bank of Namibia Central Bank of Nigeria National Bank of Rwanda Central Bank of São Tomé and Príncipe Central Bank of Seychelles Bank of Sierra Leone Central Bank of Somalia Bank of Somaliland South African Reserve Bank Bank of South Sudan Central Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe

Americas	Central Bank of Argentina Central Bank of Aruba Central Bank of The Bahamas Central Bank of Barbados Bermuda Monetary Authority Central Bank of Brazil Bank of Canada Central Bank of Chile Bank of the Republic (Colombia) Central Bank of Cuba Central Bank of Curaçao and Sint Maarten Eastern Caribbean Central Bank Cayman Islands Monetary Authority Central Bank of Ecuador Bank of Guatemala Bank of the Republic of Haiti Central Bank of Honduras Bank of Jamaica Bank of Mexico Central Bank of Nicaragua Central Reserve Bank of Peru Central Bank of Suriname Central Bank of Trinidad and Tobago Federal Reserve System (United States) Central Bank of the Uruguay Central Bank of Venezuela

Asia	Da Afghanistan Bank Central Bank of Bahrain Bangladesh Bank Royal Monetary Authority of Bhutan Brunei Currency and Monetary Board Autoriti Monetari Brunei Darussalam National Bank of Cambodia People's Bank of China Hong Kong Monetary Authority Reserve Bank of India Bank Indonesia Central Bank of the Islamic Republic of Iran Central Bank of Iraq Bank of Israel Bank of Japan Central Bank of Jordan National Bank of Kazakhstan National Bank of the Kyrgyz Republic Bank of Korea Central Bank of the Democratic People's Republic of Korea Central Bank of Kuwait Banque du Liban Monetary Authority of Macao Bank Negara Malaysia Maldives Monetary Authority Bank of Mongolia Central Bank of Myanmar Nepal Rastra Bank Central Bank of Oman State Bank of Pakistan Palestine Monetary Authority Bangko Sentral ng Pilipinas Qatar Central Bank Saudi Arabian Monetary Authority Monetary Authority of Singapore Central Bank of Sri Lanka Central Bank of Syria Central Bank of the Republic of China (Taiwan) Bank of Thailand Central Bank of Turkmenistan Central Bank of the United Arab Emirates Central Bank of Uzbekistan State Bank of Vietnam Central Bank of Yemen

Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia National Bank of Austria Central Bank of Azerbaijan National Bank of the Republic of Belarus National Bank of Belgium Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Central Bank of Cyprus Czech National Bank Danmarks Nationalbank (Denmark) Deutsche Bundesbank (Germany) Bank of England Bank of Estonia Bank of Finland Banque de France National Bank of Georgia Bank of Greece Hungarian National Bank Central Bank of Iceland Central Bank of Ireland Banca d'Italia Central Bank of Kosovo Bank of Latvia Bank of Lithuania Central Bank of Luxembourg National Bank of the Republic of Macedonia Central Bank of Malta National Bank of Moldova Central Bank of Montenegro De Nederlandsche Bank Norges Bank Central Bank of the Turkish Republic of Northern Cyprus National Bank of Poland Banco de Portugal National Bank of Romania Central Bank of Russia National Bank of Serbia National Bank of Slovakia Bank of Slovenia Gosbank (Soviet Union) Bank of Spain Swedish National Bank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine

Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga Reserve Bank of Vanuatu

Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of Asia-Pacific Central banks and currencies of the Caribbean Central banks and currencies of Europe Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

Banks of South Africa

Central bank	South African Reserve Bank

The "big four" commercial banks	Absa First National Bank (FNB) Nedbank Standard Bank

Other	African Bank Bidvest Bank Capitec Bank FirstRand Bank Grindrod Bank Imperial Bank South Africa Investec VBS Mutual Bank Sasfin Bank Teba Bank Limited Postbank Development Bank of Southern Africa Land and Agricultural Development Bank of South Africa

Defunct	20Twenty African Banking Corporation Allied Bank Colesberg Bank NBS Permanent Bank Saambou Trustbank United Bank

National Key Points in South Africa

Water supply sites	Zwartkopjies Zuikerbosch Vereeniging Mapleton Barrage Palmiet Eikenhof Vaal Dam Mokolo Dam Pump Station

Electricity generation and transmission sites	Grassridge Transmission Station Perseus Transmission Station Lethabo Power Station Hydra Transmission Station Apollo Transmission Station Minerva Transmission Station Grootvlei Power Station Impala Transmission Station Klaarwater Distribution Station Pegasus Transmission Station Drakensberg Power Station Durban South Distribution Station Durban North Distribution Station Athene Transmission Station Lotus Park Distribution station Camden Power Station Hendrina Power Station Kriel Power Station Arnot Power Station Sol Transmission Station Matla Power Station Duvha Power Station Tutuka Power Station Kendal Power Station Komati Power Station Majuba Power Station Matimba Power Station Muldersvlei Transmission Station Acasia Transmission Station Droeriver Transmission Station Koeberg Nuclear Power Station Gourikwa Power Station Ankerlig Power Station Centlec

Crude oil, fuel depot and processing sites	OilTanking Grindrod Calulo Natref Refinery Bethlehem Pump Station Coalbrook Pump Station Sasol Pump Station Kroonstad Pump Station Magdala TPL Depot Wilge TPL Depot Shell Depot Alrode Chevron Alrode Sasol Depot Alrode Total Depot Alrode Alrode Chevron Texaco Airport e-Natis Facility Tarlton Distribution Depot Klerksdorp Depot Langlaagte Depot Meyerton Depot Rustenburg Depot Sasol Secunda Jericho Pump Station Rieftontein Pump Station Grootfontein Pump Station Vygeboom Pump Station Bosloop Water Pump Station Nooitgedact Pump Station Transnet Pipeline Witbank Depot Khutala Pump Station Zaaihoek Pump Station Chevron Refinery PetroSA Voorbaai PetroSA GTL Refinery FA Production Platform ORCA

Presidential residential sites	Nelson Mandela Qunu Village residence Mahlamba Ndlopfu Presidential Residence Sefako Makgatho Presidential Residence President of South Africa Residence Nkandla JL Dube House Presidential Residence (Genadendal)

Government sites	Eastern Cape Provincial Legislature Free State Legislature Northern Cape Provincial Legislature Pretoria Union Buildings North West Provincial Legislature KwaZulu-Natal Legislature Government Building Nelspruit Limpopo Legislature Houses of Parliament, Cape Town 120 Plein Street, Cape Town Western Cape Provincial Parliament SARB Port Elizabeth SARB East London SARB Bloemfontein SARB Port Elizabeth SARB Pretoria SARB Johannesburg South African Bank Note Company

Space, science and technology sites	Square Kilometre Array Onderstepoort Biological Products SSA Communication Centre CSIR Wind Tunnel Denel Land Systems Denel Dynamics Main Telephone Exchange (PPR) ArcelorMittal African Explosives Denel Aviation BAE Systems Land Systems South Africa Hartebeeshoek Earth Station NECSA South African National Space Agency Rheinmetall Denel Munition South Africa

Airports	O. R. Tambo International Airport King Shaka International Airport Cape Town International Airport

Coordinates: 25°44′43″S 28°11′46″E / 25.74528°S 28.19611°E / -25.74528; 28.19611

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