South African Reserve Bank (SARB)
Public Entity · Central Government Administration · reports to National Assembly (NA)
The South African Reserve Bank is the central bank of South Africa, established in 1921 and given constitutional status by sections 223 to 225 of the Constitution.
Its primary object is to protect the value of the currency in the interest of balanced and sustainable economic growth. It must perform its functions independently and without fear, favour or prejudice, though there must be regular consultation between the Bank and the Cabinet member responsible for national financial matters. Monetary policy is set by its Monetary Control Committee through the repurchase rate, within an inflation target range agreed with the Minister of Finance.
Its other functions include issuing banknotes and coin, managing the country’s gold and foreign exchange reserves, operating the national payment system, and acting as banker to government. It houses the Prudential Authority, which supervises banks, insurers and financial conglomerates, and it is responsible for financial stability. Unusually among central banks, it has private shareholders, though their rights are limited and confer no influence over policy.
Audit record, 5 years
Financial highlights, 2024/25
- Total Revenue
- R162.4bn
- Total Expenditure
- −R42.2bn
- Total Assets
- R1,389.9bn
- Total Liabilities
- R1,227.0bn
Values in rand. Sparklines run oldest to newest and are scaled to each series, not to zero.
Leadership, 29 listed
- Governor
- Mr Lesetja Kganyago
- Deputy Governor
- Dr Rashad Cassim Dr Mampho Modise Ms Nomfundo Tshazibana
- Board Members
- Dr Kgabo Badimo Prof Charlotte Buitendag Ms Shamima Gaibie Mr Zoaib Hoosen Mr Norman Mbazima Ms Lerato Molebatsi Ms Dudu Msomi Dr Yvonne Muthien Ms Kholeka Mzondeki Ms Tryphosa Ramano Prof Nicholas Vink
- Chief Financial Officer
- Ms Shoki Ralebepa
- Chief Operations Officer
- Mr Khutjo Mabetwa
- Senior Management
- Mr Denzel Bostander Dr Nicola Brink Dr David Fowkes Mr Arif Ismail Mr Faizel Jeena Dr Chris Loewald Mr Olano Makhubela Dr Konstantin Makrelov Mr Kerwin Martin Ms Olaotse Matshane Ms Rebecca Tee
- Communications Officers
- Ms Thoraya Pandy
Entities reporting to this one, 3
Description written for this directory from the entity’s own published sources: www.resbank.co.za, www.gov.za