South African reserve bank achieves a lot in last 100 years

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The South African Reserve Bank (SARB) has reached a milestone as it turned 100 years on Wednesday, said SARB governor Lesetja Kganyago.

Kganyago made the remarks during the SARB 100 years celebrations held virtually.

The SARB is one of the oldest central banks in Africa. It opened its doors on Pretoria’s Church Square on June 30, 1921 and issued its first banknotes on April 19, 1922, with its own coins a year later.

“The SARB is a solid institution that all South Africans can be proud of. The women and men who staff this institution have proved their mettle, repeatedly rising to the challenges they are faced with. With this strength, we face the future, optimistic that we will continue to play our vital role in supporting our economy through maintaining price and financial stability,” he said.

Kganyago, the 10th governor who joined the bank in 2014 and was reappointed in 2019, said despite the challenges presented by COVID-19, the bank managed to keep the repo rate at all time low of 3.5 percent per annum while the prime rate at 7.0 percent, which is at a 54-year low.

He said, “The economic recovery is still on track, but there will be pitfalls along the way, as illustrated by our shift back to a Level 4 lockdown. There is no question that our recovery will progress and our sound policy frameworks will continue to allow flexible approaches while building confidence.” Enditem

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