South Africa
South African Reserve Bank Act, 1989
Act 90 of 1989
- Published in Government Gazette 11942 on 14 June 1989
- Assented to on 1 June 1989
- Commenced on 1 August 1989 by South African Reserve Bank Act, 1989: Commencement
- [This is the version of this document as it was from 14 June 1989 to 5 December 2000.]
1. Definitions
In this Act, unless the context otherwise indicates—"Bank" means the South African Reserve Bank established by section 9 of the Currency and Banking Act; (ii)"banking institution" means a banking institution as defined in section 1 of the Banks Act, 1965 (Act No. 23 of 1965); (iii)"Board" means the board of directors referred to in section 4(1); (xi)"building society" means a building society as defined in section 1 of the Building Societies Act, 1986 (Act No. 82 of 1986); (v)"Currency and Banking Act" means the Currency and Banking Act, 1920 (Act No. 31 of 1920); (iv)"Department of Finance" includes the Minister or any officer in the Department of Finance authorized by the Minister to perform any function assigned to that Department in this Act; (vi)"Deputy Governor" means a person appointed under section 4 or 6(1)(a) as a Deputy Governor of the Bank; (xvii)"Government representative" means a member of the Board appointed under section 4 or 6(1)(a), but does not include the Governor or a Deputy Governor; (xii)"Governor" means the person appointed under section 4 or 6(1)(a) as the Governor of the Bank; (x)"Minister" means the Minister of Finance; (viii)"mutual building society" means a mutual building society as defined in section 1 of the Mutual Building Societies Act, 1965 (Act No. 24 of 1965); (ix)"Republic" includes the territory; (xiii)"shareholder" means any holder of shares in the Bank; (i)"shareholders’ representative" means a member of the Board elected under section 4 or elected or appointed under section 6(1)(b); (xvi)"special drawing right" means a unit of an international reserve asset provided for in the Articles of Agreement of the International Monetary Fund; (xiv)"territory" means the territory of South West Africa; (vii)"Treasury" includes the Minister or any officer in the Department of Finance authorized by the Minister to perform any function assigned to the Treasury in this Act. (xv)2. South African Reserve Bank a juristic person
The Bank shall be a juristic person.3. Primary objectives of Bank
In the exercise of its powers and the performance of its duties the Bank shall pursue as its primary objectives monetary stability and balanced economic growth in the Republic, and in order to achieve those objectives the Bank shall influence the total monetary demand in the economy through the exercise of control over the money supply and over the availability of credit.4. Board of directors
5. Tenure and conditions of office of directors
6. Casual vacancies
7. Procedure and quorum
8. Delegation of powers
9. Validity of Board’s decisions and acts
No decision or act of the Board or act performed under the authority of the Board shall be invalid by reason only of the fact that—10. Powers and duties of Bank
11. Appointment of inspectors
12. Inspection of affairs of person, partnership, close corporation, company or other juristic person not registered as banking institution, mutual building society or building society
13. Prohibited business
The Bank may not—14. Issue of banknotes and coins
15. Monetary unit
Table | |
---|---|
Coin in circulation under the designation of— | Value in rand and cent: |
Pound/sovereign | Two rand |
Half-pound/half-sovereign | One rand |
Crown | Fifty cents |
Half-crown | Twenty-five cents |
Florin | Twenty cents |
Shilling | Ten cents |
Sixpence | Five cents |
Threepence | Two-and-a-half cents |
Penny | Ten-twelfths of a cent |
Half-penny | Five-twelfths of a cent |
Farthing | Five twenty-fourths of a cent |
16. Denominations, material, standard mass and standard fineness of coins
17. Legal tender
18. References to amounts in terms of coins issued under Coinage Act, 1922
Any reference in any law, deed, instrument, security for money or other document or in any contract or agreement, whether in writing or not, and any reference in any other manner whatsoever to an amount determined on the basis of the coins specified in the Schedule to the Coinage Act, 1922 (Act No. 31 of 1922), shall be construed as including a reference to an equivalent amount determined on the basis of the coins specified in subsection (1) of section 16 and in accordance with the respective values of such last-mentioned coins in comparison with the coins specified in that Schedule, as set out in subsection (2) of section 15, and any such reference to an amount determined on the basis of the coins specified in subsection (1) of section 16, shall be construed as including a reference to an equivalent amount determined on the basis of the coins specified in that Schedule and in accordance with the said respective values.19. Powers of Minister in respect of coins
20. Bank exempt from tax on banknotes
The Bank shall in respect of banknotes which it manufactures, causes to be manufactured, acquires for issue, issues or causes to be issued, be exempt from any tax or duty.21. Share capital of Bank
22. Restriction of right to hold or acquire shares in Bank
23. Votes
24. Allocation of surplus
Of the surplus (if any) remaining at the end of a financial year of the Bank after provision has been made for—25. Statutory price of gold and Gold Price Adjustment Account
26. Foreign Exchange Adjustment Account
27. Forward Exchange Contracts Adjustment Account
28. Gold and Foreign Exchange Contingency Reserve Account
29. Returns in connection with and auditing of certain accounts
30. Audit and inspection
31. Report by Governor
The Governor shall annually submit to the Minister a report relating to the implementation by the Bank of monetary policy.32. Furnishing of information to Department of Finance and to Parliament
33. Preservation of secrecy
34. Offences and penalties
35. Rules by Board
The Board may make rules, not inconsistent with the provisions of this Act or of the regulations made under section 36, for the good government of the Bank and the conduct of its business, and the appointment and conditions of service (including remuneration and gratuities or other pension benefits) of officers and employees.36. Regulations
The Minister may make regulations relating to—37. Proceedings by Minister in case of non-compliance with Act or regulations by Bank
38. Liquidation
39. Application of Act in South-West Africa
This Act and any amendment thereof shall apply also in the territory, including the Eastern Caprivi Zipfel referred to in section 1(2) of the South-West Africa Constitution Act, 1968 (Act No. 39 of 1968).40. Repeal of laws, and savings
41. Short title and commencement
This Act shall be called the South African Reserve Bank Act, 1989, and shall come into operation on a date fixed by the State President by proclamation in the Gazette.History of this document
24 May 2024 amendment not yet applied
06 December 2000 amendment not yet applied
01 August 1989
Commenced by
South African Reserve Bank Act, 1989: Commencement
14 June 1989 this version
Published in Government Gazette 11942
01 June 1989
Assented to
Cited documents 4
Act 4
1. | General Law Amendment Act, 1968 | 45 citations |
2. | Building Societies Act, 1986 | 31 citations |
3. | Finance Act, 1988 | 10 citations |
4. | South African Reserve Bank Amendment Act, 1989 | 2 citations |
Documents citing this one 201
Gazette 163
Judgment 20
Act 15
1. | Income Tax Act, 1962 | 1669 citations |
2. | Banks Act, 1990 | 879 citations |
3. | Financial Intelligence Centre Act, 2001 | 776 citations |
4. | Value-Added Tax Act, 1991 | 705 citations |
5. | National Credit Act, 2005 | 645 citations |
6. | Post Office Act, 1958 | 496 citations |
7. | Independent Communications Authority of South Africa Act, 2000 | 443 citations |
8. | Long-term Insurance Act, 1998 | 303 citations |
9. | Financial Markets Act, 2012 | 218 citations |
10. | Mutual Banks Act, 1993 | 167 citations |
Government Notice 2
1. | Directive 1 of 2022: Conduct of accountable institutions relating to "wire transfers" or electronic funds transfers | |
2. | South African Reserve Bank Regulations, 2010 |
Directive 1
1. | Directive for Conduct within the National Payment System in respect of the Financial Action Task Force Recommendations for Electronic Funds Transfers |
Subsidiary legislation
Title
|
Date
|
||
---|---|---|---|
South African Reserve Bank Act, 1989: Substitution of Schedule 2
Finance and Money
|
General Notice 2523 of 2024 | 24 May 2024 |
Finance and Money
|
South African Reserve Bank Regulations: Amendment
Finance and Money
|
Government Notice 119 of 2014 | 21 February 2014 |
Finance and Money
|
South African Reserve Bank Regulations, 2010
Finance and Money
|
Government Notice R808 of 2010 | 21 February 2014 |
Finance and Money
|