The primary purpose of the South African Reserve Bank (the Bank), as defined in the Constitution of the Republic of South Africa, is to achieve and maintain price stability in the interest of balanced and sustainable economic growth in South Africa. Together with other institutions, it also plays a pivotal role in promoting financial stability.
To this end, the key functions for which the Bank is responsible include
- formulating and implementing monetary policy;
- promoting financial stability;
- issuing banknotes and coin;
- regulating and super vising the banking system;
- ensuring the effective functioning of the national payment system;
- managing the 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.
Given its national importance and unique influence on the economic wellbeing of the general public in South Africa, the Bank promotes good corporate governance within a framework of operational autonomy and accountability to Parliament. The Bank is not a profit-driven institution, but strives to function efficiently and effectively, and promotes an ethical environment based on a number of common organisational values.
- maintaining trustworthiness and credibility;
- demonstrating exceptionally high degrees of integrity and commitment to the greater good; and
- maintaining professionalism and excellence in the delivery of services and execution of its responsibilities.
In the final instance, the Bank aims to be a respected institution and a beacon of stability that follows an agile, responsive and
- flexible approach to its operations.