President pays tribute to South African Reserve Bank

President Cyril Ramaphosa has paid tribute to the South African Reserve Bank (SARB) on the occasion of its centenary.

The President says countries stand or fall on the quality of their institutions and South Africans can be proud of our central bank as an institution that has been unwavering in meeting its Constitutional mandate.

President Ramaphosa said: “On behalf of the people of South Africa, I extend warm greetings and best wishes to the South African Reserve Bank  on the occasion of its 100th birthday.

“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 II, 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.”

The President commends 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.”

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


Media enquiries: Tyrone Seale, Acting Spokesperson to the President – media@presidency.gov.za

Issued by: The Presidency
Pretoria