What is a Reserve Bank In Durban?
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 that World War I had brought.
Where Is the Reserve Bank In Durban, South Africa?
South African Reserve Bank
Address: 8 Dr A B Xuma St, Central, Durban, 4001, South Africa
Hours: Closed ⋅ Opens 8 pm
Phone: +27 31 310 9300
What is the Currency of the South African Reserve Bank?
Rand
Rand means the monetary unit of South Africa as defined in section 15 of the South African Reserve Bank Act, 1989 (Act No. 90 of 1989). Regulations mean the Exchange Control Regulations, 1961 as promulgated by Government Notice R.
What is the role of the Reserve Bank in South Africa?
The primary mandate of the South African Reserve Bank is to protect the value of the currency in the interest of balanced and sustainable economic growth.
In addition to this, the SARB has a statutory mandate to enhance and protect financial stability in South Africa.
Who is the CEO of the South African Reserve Bank?
Mr Lesetja Kganyago is the Governor of the SARB, Chairperson of the Prudential Committee as well as a member of the Monetary Policy Committee. Before he was appointed Governor, Mr Kganyago served as Deputy Governor of the SARB.