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South African Reserve Bank

The South African Reserve Bank is the central bank of South Africa, responsible for monetary policy, financial stability and the regulation of the country's banking system. Established in 1921, it is headquartered in Pretoria and operates under the South African Reserve Bank Act. The bank's primary mandate is to protect the value of the rand in the interest of balanced and sustainable economic growth. It sets the repo rate, which influences borrowing costs and inflation, and targets an inflation band of 3% to 6%. The Reserve Bank also manages the country's gold and foreign-exchange reserves, oversees the national payment system and acts as banker to government and commercial banks. It is governed by a board of directors and led by a governor appointed by the President. The bank operates with a degree of independence, though its mandate is set by Parliament. Unlike many central banks, the South African Reserve Bank has private shareholders, a legacy of its founding, though this does not affect its policy independence. It plays a central role in South Africa's financial architecture and is a key voice in debates over interest rates, currency stability and economic policy. The bank publishes regular monetary policy statements and economic reviews that are closely watched by markets and policymakers.

South African Reserve Bank Updates


Photo of Terence Creamer
Supply lines
1st May 2026 By: Terence Creamer

South Africa has not escaped the fuel price shocks associated with disruptions to shipping in the Strait of Hormuz energy corridor and the damage to refinery and other infrastructure in the Gulf.... 


Consumer
South African inflation picks up to 3.1% y/y in March, as expected
22nd April 2026 By: Reuters

South Africa's headline consumer inflation edged up as expected last month, but analysts said the increase would be far larger in April when fuel price hikes triggered by the US-Israeli war on Iran... 


Rand currency
South African rand flat as traders eye business confidence index, central bank policy report
21st April 2026 By: Reuters

The South African rand was flat in early trade on Tuesday as investors tracked geopolitical developments and awaited the release of a domestic business confidence survey and a central bank monetary... 


Reserve Bank Governor Lesetja Kganyago
Kganyago says war inflation risks are playing out
17th April 2026 By: Bloomberg

Reserve Bank Governor Lesetja Kganyago said the Iran war’s impact on oil prices has validated wariness over inflation, without giving a clear signal on what that means for interest rates. “You are... 


Reserve Bank Governor Lesetja Kganyago
Kganyago cites Zulu War to signal preemptive inflation move
16th April 2026 By: Bloomberg

South Africa’s central bank governor referenced an 1879 battle in the Anglo-Zulu war in his views on how to tackle the coming wave on inflation from the Iran war shocks, implying a preference to... 


Conflict exacerbating pressure on South African networks
15th April 2026 By: Natasha Odendaal

As the war in the Middle East increasingly heightens the risk of an energy crisis amid pressure on the Strait of Hormuz, the Communications Risk Information Centre (COMRiC) on Wednesday warned the... 


Diesel fuel costs, weaker rand to place pressure on inflation, export-competitiveness
14th April 2026 By: Schalk Burger

Financial brokerage and asset management firm EBC Financial Group (EBC) warns that the R3-a-litre levy cut will provide relief only for a month, while Brent-linked diesel costs and a weaker South... 


President Cyril Ramaphosa
South Africa wins record investment pledges, but delivery gap persists
14th April 2026 By: Reuters

South Africa's latest investment conference secured record commitments, but official data show that less than half of past pledges have materialised and turned into economic activity. The sixth... 


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