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The South African Reserve Bank () is the central bank
Central bank

A central bank, reserve bank, or monetary authority is the entity responsible for the monetary policy of a country or of a group of member states....
 of South Africa
South Africa

The Republic of South Africa, also known by Official names of South Africa, is a country located at the southern tip of the continent of Africa....
. It was established in 1921 after Parliament
Parliament of South Africa

The Parliament of South Africa is South Africa legislature and is composed of the National Assembly of South Africa and the National Council of Provinces....
 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
World War I

World War I, or the First World War , was a global military conflict which involved the Great powers, organized into two opposing military alliances: the Allies of World War I and the Central Powers....
 had brought. The SARB was only the fourth central bank established outside the United Kingdom
United Kingdom

The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom , the UK or Britain,is a sovereign state located off the northwestern coast of continental Europe....
 and Europe
Europe

Europe is, conventionally, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally divided from Asia to its east by the water divide of the Ural Mountains, the Ural , the Caspian Sea, and by the Caucasus Mountains to the southeast....
, the others being the USA, Japan
Japan

Japan is an island country in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, People's Republic of China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south....
 and Java.

Unlike the Bank of England
Bank of England

The Bank of England is the central bank of the United Kingdom and is the model on which most modern, large central banks have been based. Since 1946 it has been a Nationalisation institution....
, which provided the model for establishing the SARB, it has always been privately owned.








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The South African Reserve Bank () is the central bank
Central bank

A central bank, reserve bank, or monetary authority is the entity responsible for the monetary policy of a country or of a group of member states....
 of South Africa
South Africa

The Republic of South Africa, also known by Official names of South Africa, is a country located at the southern tip of the continent of Africa....
. It was established in 1921 after Parliament
Parliament of South Africa

The Parliament of South Africa is South Africa legislature and is composed of the National Assembly of South Africa and the National Council of Provinces....
 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
World War I

World War I, or the First World War , was a global military conflict which involved the Great powers, organized into two opposing military alliances: the Allies of World War I and the Central Powers....
 had brought. The SARB was only the fourth central bank established outside the United Kingdom
United Kingdom

The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom , the UK or Britain,is a sovereign state located off the northwestern coast of continental Europe....
 and Europe
Europe

Europe is, conventionally, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally divided from Asia to its east by the water divide of the Ural Mountains, the Ural , the Caspian Sea, and by the Caucasus Mountains to the southeast....
, the others being the USA, Japan
Japan

Japan is an island country in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, People's Republic of China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south....
 and Java.

Unlike the Bank of England
Bank of England

The Bank of England is the central bank of the United Kingdom and is the model on which most modern, large central banks have been based. Since 1946 it has been a Nationalisation institution....
, which provided the model for establishing the SARB, it has always been privately owned.

Functions of the South African Reserve Bank

The SARB controls credit and regulates the amount of money in circulation in the following ways:
  • Increasing the discount rate in times of excessive spending;
  • Lowering the discount rate in times of slack business and scarce money;
  • Opening market transactions in times of excessive spending and rising prices;
  • Opening market transactions in times of recession, when business is slack;
  • Increasing cash reserves;
  • Decreasing cash reserves;
  • Disciplinary measures;
  • Stabilising rates of exchange;
  • Credit rationing;
  • Bank of issue (The right to create money);
  • Acting as the government's banker;
  • Acting as a custodian of banks' cash reserves;
  • Custodian of gold;
  • Bank of rediscount; and
  • Clearing bank.


List of Governors of the South African Reserve Bank.


  • William Henry Clegg
    William Henry Clegg

    Dr. William Henry Clegg was the first Governor of the South African Reserve Bank from 17 December 1920 until 31 December 1921. His successor was Dr. Johannes Postmus....
     - December 1920 - December 1931


  • Johannes Postmus
    Johannes Postmus

    Dr. Johannes Postmus was the second Governor of the South African Reserve Bank. His term of office was from 1 January 1932 until 30 June 1945. He was succeeded by Gerhardus Petrus Christiaan de Kock....
     - January 1932 - June 1945


  • Michiel Hendrik de Kock
    Michiel Hendrik de Kock

    Michiel Hendrik de Kock was the third Governor of the South African Reserve Bank. His term of office was from 1 July 1945 to 30 June 1962. All South African banknotes issued during the reign of Elizabeth II of the United Kingdom carry his signature....
     - July 1945 - June 1962


  • Gerhard Rissik
    Gerhard Rissik

    Dr. Gerard Rissik was the fourth Governor of the South African Reserve Bank. His term of office was from 1 July 1962 to 30 June 1967. He was succeeded by Dr. Theunis Willem de Jongh....
     -     July 1962 - June 1967


  • Theunis Willem de Jongh
    Theunis Willem de Jongh

    Dr. Theunis Willem de Jongh was the fifth Governor of the South African Reserve Bank. His term of office was from 1 July 1967 to 31 December 1980. He was succeeded by Dr. Gerhardus Petrus Christiaan de Kock....
     -     July 1967 - December 1980


  • Gerhardus Petrus Christiaan de Kock
    Gerhardus Petrus Christiaan de Kock

    Dr. Gerhardus Petrus Christiaan de Kock was the sixth Governor of the South African Reserve Bank. He was the son of Dr. M.H. de Kock, who was the third Governor of the South African Reserve Bank....
     -     January 1981 - August 1989


  • Christian Lodewyk Stals
    Christian Lodewyk Stals

    Dr. Christian Lodewyk Stals was the seventh Governor of the South African Reserve Bank. He succeeded Dr. G.P.C. de Kock who had died in office. During his term, South Africa's constitutional arrangements were changed again....
     -     August 1989 - August 1999


  • Tito Mboweni
    Tito Mboweni

    Tito Mboweni is the eighth Governor of the South African Reserve Bank. He succeeded Dr. Christian Lodewyk Stals on the 8 August 1999.The youngest of three children, Tito Mboweni was born on 16 March 1959....
     -     August 1999 - present


See also

  • South African pound
    South African pound

    The pound was the currency of South Africa between 1825 and 1961. It was subdivided into 20 shillings, each of 12 penny....
  • South African rand
    South African rand

    The rand is the currency of South Africa. It takes its name from the Witwatersrand , the ridge upon which Johannesburg is built and where most of South Africa's gold deposits were found....


External links