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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


An image of the South African Reserve Bank building
DG provides insights into SARB’s innovation approach, considerations
9th June 2026 By: Tasneem Bulbulia

A modern, efficient and well-functioning financial system is essential for growth in any modern economy, and as this is pursued, innovation that serves the public interested is pivotal. This was... 


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... 


Bank notes
South African rand weakens as investors track fragile Middle East ceasefire
9th April 2026 By: Reuters

The South African rand was weaker on Thursday on doubts over a fragile two-week ceasefire between the US and Iran, while traders also assessed domestic economic releases for clues on the health of... 


Finance Minister Enoch Godongwana
South Africa announces one-month fuel levy cut to limit pump price hikes
31st March 2026 By: Reuters

South Africa will reduce its fuel levy for one month to stop fuel prices rising even further in April, it said on Tuesday, after trade unions and business groups pressured the government to... 


SARB logo
Iran conflict clouds South African economic outlook, Sarb says
31st March 2026 By: Bloomberg

The Iran war has clouded the outlook for a South African economy that had entered its longest period of economic expansion since 2018, the country’s central bank said. “The buoyant performance of... 


The JSE building in Sandton
South African stock index is heading for worst month since 2008
30th March 2026 By: Bloomberg

Johannesburg’s benchmark stock index is heading for its worst month in almost two decades, reeling from a double hit as the Iran war saps demand for emerging-market assets while plunging... 


Image of Okiep mine underground
Okiep copper project, South Africa – update
27th March 2026 By: Sheila Barradas

Orion Minerals has reported that it is committed to completing the remaining exploration and drilling programmes by November 2026. 


Reserve Bank Governor Lesetja Kganyago
South Africa's policy rate on hold as Iran war seen pushing up inflation
26th March 2026 By: Reuters

South Africa's central bank maintained its main lending rate at 6.75% on Thursday, saying caution was needed as higher energy prices triggered by the US-Israel war against Iran would push up... 


SARB offices in Pretoria
South Africa's policy rate on hold as Iran war seen pushing up inflation
26th March 2026 By: Reuters

South Africa's central bank kept its key interest rate unchanged at 6.75% in a unanimous decision announced on Thursday. The majority of economists polled by Reuters had expected no change in the... 


An image showing the benefits of the BER's Fish Eagle growth scenario
Renewed urgency on reforms needed to ensure ‘economic lift-off’ – BER
26th March 2026 By: Sabrina Jardim

South Africa could grow by at least 3% and create 2.4-million more jobs by 2030 relative to 2025 if it doubles down on catalytic reforms, but it must act with renewed urgency if it is to convert... 


rand currency
South African rand weakens ahead of central bank rate decision
26th March 2026 By: Reuters

The rand weakened in early trade on Thursday, ahead of a much-anticipated interest rate decision by the South African Reserve Bank (SARB) later in the day. At 0720 GMT the rand traded at 17.03... 


Fuel retailers urged to diversify forecourt offerings
Fuel retailers urged to diversify forecourt offerings
25th March 2026 By: Sabrina Jardim

As the number of internal combustion engine (ICE) vehicles on the road declines globally and many people continue to work from home, contributing to a gradual decrease in overall fuel consumption,... 


R5 coin
South African rand steady as market weighs Trump's talk of Iran negotiations
25th March 2026 By: Reuters

The South African rand was steady in early trade on Wednesday as traders cautiously assessed President Donald Trump's assertion that the US was in negotiations to end to the war with Iran. At 0712... 


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pqt: 0.137s - ct: 0.203s - 288pq - 2rq
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