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SARB Centenary

A purposeful journey

 

Countdown to the 100-year anniversary of the South African Reserve Bank. The SARB opened its doors for business for the first time on 30 June 1921 and issued its first banknotes to the public the following year on 19 April. The SARB is the oldest central bank in Africa. 

Section 224 of the Constitution of South Africa, which was adopted in 1996, states the mandate of the SARB: “The primary object of the South African Reserve Bank is to protect the value of the currency in the interest of balanced and sustainable economic growth in the Republic.” Its independence is enshrined in the Constitution. 

The SARB is also responsible for issuing and destroying banknotes and coin; regulating and supervising financial institutions; managing the official gold and foreign exchange reserves of the country; managing the national payment system; administering the country’s remaining exchange control systems; acting as the banker to government; and acting as the lender of last resort to provide liquidity assistance in exceptional cases.

2021 is also the year that marks 60 years of the rand, 25 years of central bank independence and 21 years of inflation targeting.