On this page, you will read about everything you need to know about the South African Reserve Bank (SARB) including its latest monetary policy decisions and market-moving speeches.

The South African Reserve Bank is the central bank of South Africa. It is otherwise known by its initials as SARB. It is one of the first central banks established outside of Europe when it was founded in 1921. In Africa, it was the first monetary authority to be founded. Its inception followed World War I after the South African Parliament put it into place.

The SARB’s Mandate

The SARB’s primary responsibility, like any central bank, is to implement monetary policy. Based on economic data, it determines the proper level of money supply in the economy which helps promote growth while maintaining control over inflation. Aside from this, it is in charge of making sure that the banking system is stable and the national payment system is properly functioning.

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In exceptional circumstances, the central bank may provide liquidity to struggling financial institutions. The SARB is also responsible for issuing coins and banknotes.

It is not owned by the government. In fact, it is one of the eight central banks in the world that have shareholders other than their own country. There are reportedly 696 shareholders who own the SARB.

Who Heads the SARB?

The South African Reserve Bank is headed by a governor and thirteen other members who make up the Monetary Policy Committee or the decision-making body. They meet every two months to decide where interest rates should go. Currently, the governor is Lesetja Kganyago. He has been at the helm of the central bank since 2014. Under him, he has focused SARB’s mandate on three things: monetary policy, inflation, and sustainable growth. He has been widely-considered as hawkish by most market participants. This means that he is often inclined to adopt measures that could decrease inflation. An example would be increasing interest rates in order to lower the money supply in the economy.

SARB News and Analysis


SARB Leaves Interest Rates Unchanged; USDZAR Trades Lower

The South African Reserve Bank (SARB) has opted to keep interest rates unchanged at 3.5%. This matching the expectations of analysts.  In explaining the decision of the SARB, the bank’s Governor Lesetja Kganyago noted the impact of the coronavirus on the South African economy. While hailing the rollout of the […]


USDZAR: Bets Rise for a 25 bps Rate Cut by SARB

The USDZAR gained ground this Thursday, as market players have started to price in the possibility of a rate cut by the South African Reserve Bank (SARB). Analysts at NKC African Economics are pushing an outlook of a 25 bps rate cut on January 21, citing the need for an […]


USDZAR: Rand Strengthens As SARB Cuts Policy Rate By 100 Bps

The South African Reserve Bank (SARB) has cut its key policy rate by 100 bps in a unanimous vote, sending the interest rates to 5.25% and capping the USDZAR’s intraday gains at 17.3150.  In a rate statement which featured a reduced media presence as precautions against COVID-19 kick in, the [...]