Taxonomies
Related documents
- Is amended by South African Reserve Bank Amendment Act, 2000
- Is commenced by South African Reserve Bank Act, 1989: Commencement
- Amends Finance Act, 1988
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
06 December 2000 amendment not yet applied
01 August 1989
Commenced by
South African Reserve Bank Act, 1989: Commencement
14 June 1989 this version
01 June 1989
Assented to
Subsidiary legislation
Title | Numbered title |
---|---|
South African Reserve Bank Act, 1989: Commencement | Proclamation 128 of 1989 |
South African Reserve Bank Regulations, 2010 | Government Notice R808 of 2010 |
South African Reserve Bank Regulations: Amendment | Government Notice 119 of 2014 |
Cited documents 4
Legislation 4
Documents citing this one 193
Gazette 157
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- South Africa Government Gazette Regulation Gazette dated 2020-02-21 number 43033
- South Africa Government Gazette Regulation Gazette dated 2020-04-21 number 43242
- South Africa Government Gazette dated 1989-10-27 number 12159
- South Africa Government Gazette dated 1989-12-29 number 12232
- South Africa Government Gazette dated 1990-06-18 number 12514
- South Africa Government Gazette dated 1990-09-14 number 12740
- South Africa Government Gazette dated 1991-01-25 number 12984
- South Africa Government Gazette dated 1991-03-22 number 13075
- South Africa Government Gazette dated 1992-03-13 number 13809
- South Africa Government Gazette dated 1992-03-27 number 13874
- South Africa Government Gazette dated 1992-05-15 number 13996
- South Africa Government Gazette dated 1992-06-05 number 14014
- South Africa Government Gazette dated 1992-07-10 number 14162
- South Africa Government Gazette dated 1992-07-24 number 14167
- South Africa Government Gazette dated 1993-03-05 number 14623
- South Africa Government Gazette dated 1993-03-10 number 14626
- South Africa Government Gazette dated 1993-03-10 number 14627
- South Africa Government Gazette dated 1993-06-25 number 14890
- South Africa Government Gazette dated 1993-07-23 number 14990
- South Africa Government Gazette dated 1993-12-17 number 15354
- South Africa Government Gazette dated 1994-05-06 number 15729
- South Africa Government Gazette dated 1995-04-26 number 16366
- South Africa Government Gazette dated 1995-07-21 number 16557
- South Africa Government Gazette dated 1995-07-21 number 16578
- South Africa Government Gazette dated 1995-12-22 number 16901
- South Africa Government Gazette dated 1996-03-15 number 17039
- South Africa Government Gazette dated 1996-03-22 number 17053
- South Africa Government Gazette dated 1996-05-03 number 17119
- South Africa Government Gazette dated 1996-11-22 number 17601
- South Africa Government Gazette dated 1997-03-29 number 17897
- South Africa Government Gazette dated 1997-10-03 number 18329
- South Africa Government Gazette dated 1998-04-01 number 18810
- South Africa Government Gazette dated 1998-09-23 number 19276
- South Africa Government Gazette dated 1998-09-23 number 19277
- South Africa Government Gazette dated 1998-10-28 number 19402
- South Africa Government Gazette dated 1998-12-14 number 19588
- South Africa Government Gazette dated 1999-04-23 number 19969
- South Africa Government Gazette dated 1999-11-24 number 20656
- South Africa Government Gazette dated 1999-12-15 number 20724
- South Africa Government Gazette dated 1999-12-15 number 20727
- South Africa Government Gazette dated 2000-03-17 number 21002
- South Africa Government Gazette dated 2000-12-06 number 21846
- South Africa Government Gazette dated 2000-12-06 number 21847
- South Africa Government Gazette dated 2000-12-15 number 21919
- South Africa Government Gazette dated 2001-05-10 number 22215
- South Africa Government Gazette dated 2001-06-29 number 22429
- South Africa Government Gazette dated 2001-11-23 number 22857
- South Africa Government Gazette dated 2001-12-03 number 22886
- South Africa Government Gazette dated 2001-12-12 number 22923
- South Africa Government Gazette dated 2002-02-01 number 23091
- South Africa Government Gazette dated 2002-09-02 number 23794
- South Africa Government Gazette dated 2003-01-24 number 24262 part 1
- South Africa Government Gazette dated 2003-01-24 number 24262 part 2
- South Africa Government Gazette dated 2003-02-07 number 24332
- South Africa Government Gazette dated 2003-02-07 number 24332 part 1
- South Africa Government Gazette dated 2003-02-07 number 24332 part 3
- South Africa Government Gazette dated 2003-02-12 number 24347 part 1
- South Africa Government Gazette dated 2003-02-18 number 24468
- South Africa Government Gazette dated 2003-02-20 number 24516
- South Africa Government Gazette dated 2003-02-24 number 24648
- South Africa Government Gazette dated 2003-02-25 number 24650
- South Africa Government Gazette dated 2003-02-27 number 24657
- South Africa Government Gazette dated 2003-02-28 number 24950
- South Africa Government Gazette dated 2003-03-03 number 24665
- South Africa Government Gazette dated 2003-03-03 number 24666
- South Africa Government Gazette dated 2003-03-03 number 24668
- South Africa Government Gazette dated 2003-03-04 number 24671
- South Africa Government Gazette dated 2003-03-05 number 24677
- South Africa Government Gazette dated 2003-03-07 number 25020
- South Africa Government Gazette dated 2003-03-28 number 24610
- South Africa Government Gazette dated 2003-04-03 number 24708
- South Africa Government Gazette dated 2003-05-31 number 25047
- South Africa Government Gazette dated 2003-06-06 number 24932
- South Africa Government Gazette dated 2003-08-05 number 25294
- South Africa Government Gazette dated 2004-07-30 number 26588
- South Africa Government Gazette dated 2004-10-01 number 26835
- South Africa Government Gazette dated 2004-12-09 number 27087
- South Africa Government Gazette dated 2005-01-28 number 27206
- South Africa Government Gazette dated 2005-04-08 number 27434
- South Africa Government Gazette dated 2005-05-25 number 27619
- South Africa Government Gazette dated 2005-08-12 number 27887
- South Africa Government Gazette dated 2005-08-29 number 27978
- South Africa Government Gazette dated 2005-08-29 number 27979
- South Africa Government Gazette dated 2005-09-02 number 27967
- South Africa Government Gazette dated 2006-02-24 number 28506
- South Africa Government Gazette dated 2007-03-12 number 29698
- South Africa Government Gazette dated 2007-09-06 number 30261
- South Africa Government Gazette dated 2007-11-15 number 30474
- South Africa Government Gazette dated 2008-02-22 number 30802
- South Africa Government Gazette dated 2009-02-18 number 31910
- South Africa Government Gazette dated 2009-03-13 number 32007
- South Africa Government Gazette dated 2009-05-22 number 32246
- South Africa Government Gazette dated 2009-12-21 number 32813
- South Africa Government Gazette dated 2010-05-03 number 33156
- South Africa Government Gazette dated 2010-08-13 number 33457
- South Africa Government Gazette dated 2010-09-09 number 33538
- South Africa Government Gazette dated 2010-11-02 number 33726
- South Africa Government Gazette dated 2010-11-26 number 33781
- South Africa Government Gazette dated 2011-01-14 number 33932
- South Africa Government Gazette dated 2011-05-17 number 34288
- South Africa Government Gazette dated 2011-06-24 number 34390
- South Africa Government Gazette dated 2011-07-04 number 34430
- South Africa Government Gazette dated 2011-10-28 number 34715
- South Africa Government Gazette dated 2011-12-15 number 34853
- South Africa Government Gazette dated 2011-12-23 number 34858
- South Africa Government Gazette dated 2012-09-06 number 35661
- South Africa Government Gazette dated 2013-01-14 number 36064
- South Africa Government Gazette dated 2013-02-01 number 36122
- South Africa Government Gazette dated 2013-09-25 number 36871
- South Africa Government Gazette dated 2013-12-12 number 37158
- South Africa Government Gazette dated 2014-01-16 number 37237
- South Africa Government Gazette dated 2014-02-21 number 37337
- South Africa Government Gazette dated 2015-01-23 number 38409
- South Africa Government Gazette dated 2015-05-29 number 38822
- South Africa Government Gazette dated 2015-06-26 number 38894
- South Africa Government Gazette dated 2015-11-27 number 39459
- South Africa Government Gazette dated 2016-01-08 number 39587
- South Africa Government Gazette dated 2016-04-29 number 39962
- South Africa Government Gazette dated 2016-06-24 number 40088 part 1
- South Africa Government Gazette dated 2016-10-07 number 40339
- South Africa Government Gazette dated 2017-06-09 number 40909
- South Africa Government Gazette dated 2017-06-23 number 40930 part 1
- South Africa Government Gazette dated 2017-08-22 number 41060 part 1
- South Africa Government Gazette dated 2017-08-25 number 41068
- South Africa Government Gazette dated 2017-12-18 number 41341
- South Africa Government Gazette dated 2018-01-19 number 41391
- South Africa Government Gazette dated 2018-03-02 number 41478
- South Africa Government Gazette dated 2018-05-25 number 41657
- South Africa Government Gazette dated 2018-08-01 number 41815
- South Africa Government Gazette dated 2018-08-31 number 41878
- South Africa Government Gazette dated 2018-10-05 number 41955 part 1
- South Africa Government Gazette dated 2018-12-14 number 42100
- South Africa Government Gazette dated 2018-12-28 number 42139
- South Africa Government Gazette dated 2019-03-22 number 42327
- South Africa Government Gazette dated 2019-03-29 number 42359
- South Africa Government Gazette dated 2019-04-12 number 42391 part 1
- South Africa Government Gazette dated 2019-10-11 number 42763
- South Africa Government Gazette dated 2019-10-25 number 42788
- South Africa Government Gazette dated 2020-04-30 number 43252
- South Africa Government Gazette dated 2020-06-19 number 43447
- South Africa Government Gazette dated 2020-10-09 number 43787
- South Africa Government Gazette dated 2020-11-27 number 43941
- South Africa Government Gazette dated 2021-06-01 number 44651
- South Africa Government Gazette dated 2021-07-30 number 44913
- South Africa Government Gazette dated 2021-08-06 number 44942
- South Africa Government Gazette dated 2022-01-19 number 45787
- South Africa Government Gazette dated 2022-01-28 number 45825
- South Africa Government Gazette dated 2022-07-15 number 47019
- South Africa Government Gazette dated 2022-11-29 number 47596
- South Africa Government Gazette dated 2023-07-07 number 48917
Judgment 20
- Anglowealth Shariah (Pty) Ltd v Adam and Another (12814/20) [2022] ZAGPJHC 925 (3 June 2022)
- Anglowealth Shariah (Pty) Ltd v Adam and Another (12814/2020) [2022] ZAGPJHC 356 (3 June 2022)
- Barko Financial Services (Pty) Limited v National Credit Regulator and Another (415/2013) [2014] ZASCA 114 (18 September 2014)
- Certification of the Constitution of the Republic of South Africa, 1996 [1996] ZACC 26 (6 September 1996)
- Clientele Life Assurance Company Ltd and Another v Payment Association of South Africa (2021-42435) [2023] ZAGPJHC 991 (4 September 2023)
- Corpclo 2290 CC t/a U-Care v Registrar of Banks (755/2011) [2012] ZASCA 156 (2 November 2012)
- Elizabeth v Passenger Rail Agency of South Africa (28957/2014) [2024] ZAGPPHC 355 (18 April 2024)
- Elizabeth v Passenger Rail Agency of South Africa (28957/2014) [2024] ZAGPPHC 356 (18 April 2024)
- Fourie and Another v Minister of Home Affairs and Another [2003] ZACC 11 (31 July 2003)
- Jaihai v Financial Services Tribunal and Another (3419/2022) [2023] ZAGPPHC 1391 (17 August 2023)
- Khele v Minister of Police (41848/2018) [2022] ZAGPJHC 346 (1 June 2022)
- Kruger v Joint Trustees of Insolvent Estate Zulu and Another (1121 of 2015) [2016] ZASCA 163 (10 November 2016)
- Minnies and Others v S (881/2011) [2012] ZASCA 102 (1 June 2012)
- Prinsloo and Others v S (827/2011) [2015] ZASCA 207 (4 December 2015)
- S v Van Dyk (42/2004) [2004] ZASCA 86 (29 September 2004)
- Savoi and Others v National Director of Public Prosecutions and Another [2014] ZACC 5 (20 March 2014)
- South African Reserve Bank and Another v Shuttleworth and Another [2015] ZACC 17 (18 June 2015)
- South African Reserve Bank v Chauke (40383/21) [2022] ZAGPJHC 393 (18 March 2022)
- Standard Chartered Bank of Canada v Nedperm Bank Ltd (320/1993) [1994] ZASCA 146 (30 September 1994)
- Zephan (Pty) Ltd and Others v De Lange (1068 of 2015) [2016] ZASCA 195 (2 December 2016)
Legislation 16
- Banks Act, 1990
- Cybercrimes Act, 2020
- Directive 1 of 2022: Conduct of accountable institutions relating to "wire transfers" or electronic funds transfers
- Directive for Conduct within the National Payment System in respect of the Financial Action Task Force Recommendations for Electronic Funds Transfers
- Financial Institutions (Protection of Funds) Act, 2001
- Financial Intelligence Centre Act, 2001
- Financial Markets Act, 2012
- Financial Sector Regulation Act, 2017
- Former States Posts and Telecommunications Reorganisation Act, 1996
- Income Tax Act, 1962
- Independent Communications Authority of South Africa Act, 2000
- Mutual Banks Act, 1993
- National Credit Act, 2005
- National Payment System Act, 1998
- South African Reserve Bank Regulations, 2010
- Value-Added Tax Act, 1991