South African Reserve Bank - wikipedia 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 ZAR ( ISO 4217 ) Website www.resbank.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 Economic growth Price stability 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. A select committee, consisting of 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. 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. Contents 1 Functions of the South African Reserve Bank 2 Organizational structure 2.1 Board of Directors 2.2 Ownership 3 List of Governors of the South African Reserve Bank 4 See also 5 References 6 External links 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 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. 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. 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 Gerhard de Kock -- January 1981 -- August 1989 Chris Stals -- August 1989 -- August 1999 Tito Mboweni -- August 1999 -- November 2009 Gill Marcus -- November 2009 -- November 2014 Lesetja Kganyago -- November 2014 -- present See also Economics portal South Africa portal South African pound South African rand BankservAfrica References ^ Jump up to : `` South Africa Reserve Bank - Reserve Bank Shares ''. Jump up ^ `` South African Reserve Bank - Ownership ''. Jump up ^ `` South Africa Reserve Bank - Board of Directors ''. External links Official website Central banks Global Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board 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 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 Volkskas 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 Retrieved from `` https://en.wikipedia.org/w/index.php?title=South_African_Reserve_Bank&oldid=832177743 '' Categories : Banks of South Africa Central banks 1921 establishments in South Africa Banks established in 1921 Financial regulatory authorities of South Africa Hidden categories : Articles containing Afrikaans - language text Articles containing Southern Ndebele - language text Articles containing Xhosa - language text Articles containing Zulu - language text Articles containing Swazi - language text Articles containing Northern Sotho - language text Articles containing Sotho - language text Articles containing Tswana - language text Articles containing Tsonga - language text Articles containing Venda - language text Coordinates not on Wikidata Talk Contents About Wikipedia Afrikaans Asturianu Deutsch Español Français Magyar 日本 語 Norsk Polski Português Русский Українська 5 more Edit links This page was last edited on 24 March 2018, at 09 : 24. 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Question: roles and functions of the south african reserve bank
Answer: Formulating and implementing monetary policy