South African Reserve Bank
The South African Reserve Bank (Sarb) was established in 1921 under the terms of the Currency and Banking Act, 1920 (Act No. 31 of 1920). In 1944 this Act was replaced with the South African Reserve Bank Act. At present the South African Reserve Bank Act, 1989 (Act No. 90 of 1989), as amended, and sections 223 to 225 of the Constitution of the Republic of South Africa, 1996 (Act No. 108 of 1996) provide the enabling operational framework. The Sarb has a board of 15 directors, 7
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