Page 192 - SARB: 100-Year Journey

Dr Chris Stal’s two-term governorship straddled apartheid and South Africa’s democratic era, a unique fact not many can lay claim to. President F W de Klerk first appointed Stals, then President Mandela asked the central banker to stay on for a second term.
Stals has witnessed pivotal moments in the Bank’s history, including the introduction of the rand in 1961; the debt standstill crisis in the mid-1980s; and a transition to democracy. There are other events in between, but those three are the more prominent. In addition, the South African Reserve Bank Act 90 of 1989 came into force the year when Stals became Governor.
Stals was born in Germiston, east of Johannesburg, on 13 March 1935. He completed his schooling in 1953, and enrolled at the University of Pretoria, where he obtained a degree in commerce. He joined the Bank in 1955 while continuing with his studies. In 1968, he obtained a doctorate in commerce. His thesis was on international liquidity problems.
He began his career at the Bank’s Exchange Control Department. In those initial years, Stals obtained a BCom while in the employ of the Bank and began working towards a Master’s degree, and later a PhD.
Dr Theunis Willem ‘Bob’ de Jongh’s expertise in statistics transformed the rudimentary Statistics Department into a sophisticated Economics Department which focused on economic research and statistics. Following 18 months at the Bank, while still reading towards his Master’s degree, Stals transferred to this newly created Economics Department.
“My first task was to assist with the accumulation of balance of payments statistics for South Africa, incorporating all economic transactions between South African residents and foreigners,” said Stals during an interview for this publication.
When Stals became Governor for the first time in 1989, he declared inflation ‘public enemy No. 1’. In 1989, South Africa’s inflation was 14.7%. In 1999, when Stals retired from the Bank, it was 5.2%, a remarkable feat. He also oversaw the introduction of a mission statement and a new corporate identity for the Bank in the early 1990s.
Dr Chris Stals, Governor, 1989–1999
Staff at Head Office in 1955. The young Stals, marked with the white circle, joined the Bank in 1955 while continuing with his studies. /Dr Stals
Dr Chris Stals was Governor from 1989 to 1999. /SARB
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