SARB has stood the test of time, says Ramaphosa on its centenary

President Cyril Ramaphosa says the South African Reserve Bank should be celebrated as an institution that has been unwavering in meeting its constitutional mandate.

Paying tribute to the central bank as it celebrates 100 years, Ramaphosa said: “The South African Reserve Bank (SARB) has stood witness to some of the most dramatic events in our country, from the Great Depression to World War 2, from the election of the Nationalist Party government in 1948 to the declaration of the republic, from the Sharpeville massacre to the release of Nelson Mandela from prison and to the historic 1994 elections.

“While its existence and work predate the dawn of democracy in 1994, the manner in which it has carried out its democratic constitutional mandate, an obligation to the South African people’s desire for liberty and prosperity, has been exemplary.

“It has not only applied monetary policy instruments with diligence and care in times of global and regional crises, it has also provided sound and valuable advice to government.”

Ramaphosa also commended the central bank on its “quick, bold, extraordinary and unprecedented” response to the Covid-19 crisis.

“This shows the importance of a credible, stable and well-resourced central bank. These actions have helped to minimise the negative economic impact of the virus and associated lockdowns. The South African Reserve Bank, in collaboration with the National Treasury, continues to support our economic recovery efforts,” said Ramaphosa.

He observed that the bank’s profound contribution is built on its rigorous dedication to its constitutional mandate, independence and high professional standards.

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