HIGHLIGHTS

AVERAGE INFLATION RATE
4.7%
within the 3–6% target range.
No systemic risk events in the financial system.
All significant financial institutions met or exceeded the quantitative prudential standards, having sound governance, compliance and risk management practices.
GROWTH IN FOREIGN RESERVES
US$3.4 billion
2016/17: US$0.2 billion decrease
Implemented the cash management strategy, including a demand-driven cash replenishment model.
GROUP PROFIT BEFORE TAX
R3.2 billion
2016/17: R2.1 billion
Read the full performance overview

GOVERNOR’S MESSAGE

“…the SARB remained focused on its primary objectives to achieve and maintain price and financial stability.”
Governor Lesetja Kganyago’s message provides an overview of key highlights and the SARB’s performance in achieving and maintaining price and financial stability over the year.
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ABOUT
THE SARB

THE SARB IS THE OLDEST CENTRAL BANK IN AFRICA AND ITS PRIMARY MANDATE AND INDEPENDENCE ARE ENTRENCHED IN THE CONSTITUTION OF THE REPUBLIC OF SOUTH AFRICA.
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THE SARB IS MANDATED BY:
THE CONSTITUTION
The South African Constitution prescribes the primary mandate of the SARB, which is to protect the value of the currency in the interest of balanced and sustainable economic growth.
to achieve and maintain price stability, which contributes towards the stability of the entire financial system.
Read more about monetary policy
THE FINANCIAL SECTOR REGULATION ACT
Through the Prudential Authority, the Financial Sector Regulation Act expands the SARB’s regulatory responsibility beyond licensed deposit-taking institutions.
to protect and enhance financial stability in South Africa.
Read more about financial stability
IT ACHIEVES THESE RESPONSIBILITIES BY:
maintaining the consumer price index (CPI) within a target of 3–6%.
The South African Government, in consultation with the SARB, sets an inflation target which serves as a yardstick against which price stability is measured. The SARB can independently use any instruments of monetary policy at its disposal to achieve this goal.
01
monitoring the financial system.
02
mitigating risks to financial stability.
03
restoring or maintaining financial stability if a systemic event occurs or is imminent.
THIS SERVES THE ECONOMIC WELL-BEING OF SOUTH AFRICANS THROUGH:
a monetary policy stance that provides a low and stable inflation environment.
This:
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protects the purchasing power and living standards of all South Africans, particularly the poor;
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supports sustainable and balanced economic growth;
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contributes to South Africa’s ability to create employment;
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facilitates general trust in the value of the rand and provides a favourable environment for investment in South Africa; and
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helps to maintain and improve South Africa’s international competitiveness.
a stable and safe financial system.
 
This:
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is an important precondition for sustainable economic growth and development, and employment creation;
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contributes towards the system’s resilience to vulnerabilities and shocks; and
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promotes efficient financial intermediation through sound financial institutions and market infrastructures.

OUR REPORT

About this report

The SARB’s annual report provides readers with a holistic account of the SARB’s strategy, performance and impact on society. It therefore contains financial and non-financial information that is material to the SARB’s ability to sustainably implement its mandate.

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INTRODUCTION

ABOUT THE SARB
ABOUT THIS REPORT
SERVING THE ECONOMIC WELL-BEING OF SOUTH AFRICANS
STRATEGIC PLAN
PERFORMANCE OVERVIEW
GOVERNOR'S MESSAGE

DELIVERING THE SARB STRATEGY

STRATEGY AND RISK MANAGEMENT
STAKEHOLDER ENGAGEMENT
MONETARY POLICY (overview)
Report on monetary policy
FINANCIAL STABILITY (overview)
Report on financial stability
PRUDENTIAL AUTHORITY (overview)

 

Report of the Prudential Authority
RESILIENCE TO EXTERNAL SHOCKS
AVAILABILITY AND INTEGRITY OF NOTES AND COIN
INFORMATION TECHNOLOGY REPORT
HUMAN RESOURCES REPORT
CORPORATE SOCIAL INVESTMENT REPORT

SUBSIDIARIES

SUBSIDIARIES (overview)
The South African Mint Company (RF) Proprietary Limited
The South African Bank Note Company (RF) Proprietary Limited
The Corporation for Public Deposits

GOVERNANCE

Board of directors
Governance report
Shareholding and dividend

FINANCIALS

SUMMARISED GROUP ANNUAL FINANCIAL STATEMENTS
Appendix to the notes to the summarised Group annual financial statements

ADDITIONAL INFORMATION

Minutes of the 97th annual Ordinary General Meeting of shareholders of the SARB
Abbreviations
Contact details