South African Reserve Bank (SARB)

The South African Reserve Bank (SARB) is the central bank of South Africa mandated to enhance and protect financial stability in South Africa.

The South African Reserve Bank is a public entity of the National Assembly (NA) under the National Government of South Africa.

Mandate

Section 224 of the Constitution of South Africa states the mandate of the SARB as follows:

  • 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.
  • The South African Reserve Bank, in pursuit of its primary objective, must perform its functions independently and without fear, favour or prejudice, but there must be regular consultation between the Bank and the Cabinet member responsible for national financial matters.

The South African Reserve Bank is also responsible for:

  • Issuing and destroying banknotes and coin
  • Regulating and supervising financial institutions
  • Managing the official gold and foreign reserves of South Africa
  • Managing the national payments system
  • Administering the South Africa’s remaining exchange rate control systems
  • Acting as the banker to government
  • Acting as lender of last resort to provide liquidity assistance in exceptional cases

Vision

The vision of the South African Reserve Bank is leading in serving the economic well-being of South Africans through maintaining price and financial stability.

Mission

The mission of the South African Reserve Bank is to protect the value of the currency in the interest of balanced and sustainable economic growth in South Africa.

Values

The South African Reserve Bank actively encourages and strives towards the following values:

  • Accountability
  • Excellence
  • Integrity
  • Respect and trust
  • Open communication

What the South African Reserve Bank does

  • Monetary Policy: The Constitution gives the SARB the mandate to protect the value of the rand. We use interest rates to keep inflation low and steady.
  • Financial Stability: The SARB has a mandate to protect and enhance financial stability. We identify and mitigate systemic risks that might disrupt the financial system.
  • Prudential Regulation: The Prudential Authority regulates financial institutions and market infrastructures to promote and enhance their safety and soundness, and support financial stability.
  • Financial Markets: Open market operations are the main tool we use to implement monetary policy. We manage South Africa’s gold and foreign exchange reserves.
  • Financial Surveillance: The SARB is responsible for regulating cross-border transactions, preventing the abuse of the financial system and supporting the regulation of financial institutions.
  • Payments and Settlements: The SARB is responsible for ensuring the safety and soundness of the national payment system, which is the backbone of South Africa’s modern financial system.
  • Statistics: The SARB provides important economic and financial statistics that present an overview of the economic situation in South Africa.
  • Research: Research conducted by the SARB focuses on economics, financial stability, banking and emerging trends in finance. Our research supports policy decision-making.
  • Banknotes and Coin: The SARB has the sole right to make, issue and destroy banknotes and coin in South Africa.

Overseeing Department/Entity

Reporting Entities

Office Bearers/Management

Governor

  • Mr Lesetja Kganyago

Deputy Governor

  • Dr Rashad Cassim
  • Dr Mampho Modise
  • Ms Fundi Tshazibana (CEO of the Prudential Authority)

Board Members

  • Dr Kgabo Badimo (Government)
  • Prof Charlotte Buitendag (Industry)
  • Ms Shamima Gaibie (Labour)
  • Mr Zoaib Hoosen (Industry)
  • Mr Norman Mbazima (Mining)
  • Ms Lerato Molebatsi (Government)
  • Ms Dudu Msomi (Government)
  • Dr Yvonne Muthien (Commerce or Finance)
  • Ms Kholeka Mzondeki (Government)
  • Ms Tryphosa Ramano (Commerce or Finance)
  • Prof Nicholas Vink (Agriculture)

Chief Financial Officer

  • Ms Mogam Pillay (Acting Group CFO)

Chief Operations Officer

  • Mr Pradeep Maharaj (Group Executive: Currency Management)

Senior Management

  • Mr Denzel Bostander (Head: Financial Conglomerates Supervision)
  • Dr Nicola Brink (Acting Head: Financial Stability Department)
  • Dr David Fowkes (Adviser to the Governors)
  • Mr Faizel Jeena (Risk Support)
  • Dr Chris Loewald (Head: Economic Research)
  • Mr Kerwin Martin (Head: Banking and Insurance)
  • Mr Tim Masela (Head: National Payment System Department)
  • Ms Olaotse Matshane (Head: Policy, Statistics and Industry Support)
  • Mr Charles Nevhutanda (Acting Head: Financial Surveillance Department)
  • Ms Bonisile Ntutela (Divisional Head: Policy, Statistics and Industry Support Department)
  • Ms Rebecca Tee (General Counsel)

Communications Officers

  • Ms Thoraya Pandy (Divisional Head: Communications)

Contact Details

The contact details of the South African Reserve Bank (SARB) are listed in the table below.

Physical Address:370 Helen Joseph Street, Pretoria, Gauteng, 0002
Postal Address:P.O. Box 427, Pretoria, 0001
Telephone:012 313 3911 / 086 112 7272
Office of the Governor − Chief of Staff:– Telephone: +27 12 399 7822
– Email: governor@resbank.co.za
Media Enquiries:– Telephone: 012 399 7966
– Email: media@resbank.co.za
Website:www.resbank.co.za