Page 12 - SARB: 100-Year Journey

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Message by His Excellency President Cyril Ramaphosa
On behalf of the people of South Africa, I extend warm greetings and best wishes to the South African Reserve Bank (SARB) on the occasion of its 100th birthday. The 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 of South Africa in 1961, from the Sharpeville massacre in 1960 to the release of Nelson Mandela from prison in 1990, and to the historic 1994 elections.
It is our Constitution, adopted by a non-racial and democratic Parliament in 1996, that established the SARB as the country’s independent central bank. Since 1996, the SARB has stood tall as an institution, carrying out its mandate without fear or favour. The SARB’s work is not often seen by the public. It plays its critical role in our economy without fanfare or ceremony.
While its existence and work predate the dawn of democracy in 1994, the manner in which it has carried out its 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, but has also provided sound and valuable advice to government.
The SARB serves South Africa and its people through protecting the value of our currency, and working to achieve and maintain price and financial stability.
The SARB issues banknotes and coin, manages the country’s foreign exchange reserves, operates the national payment system, and supervises major parts of our financial system.
Its quick, bold, extraordinary and unprecedented response to the COVID-19 crisis shows the import- ance 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 SARB, in collaboration with the National Treasury, continues to support our economic recovery efforts.
At the core of its profound contribution is a rigorous dedication to its constitutional mandate, independence and high professional standards. These have ensured that whenever it has assisted the country to respond to various crises in the recent past, the impact of these responses has made a material and positive difference to all South Africans.
Countries stand or fall on the quality of their institutions. We see in the SARB an institution that has been unwavering in meeting its constitutional mandate. South Africans can be proud of their central bank.
Happy 100th birthday.
Cyril Ramaphosa
President of the Republic of South Africa