South African Reserve Bank
- formulating and implementing monetary policy;
- issuing banknotes and coin;
- supervising the banking sector;
- ensuring the effective functioning of the national payment system;
- managing official gold and foreign-exchange reserves;
- acting as banker to the government;
- administering the country’s remaining exchange controls;
- acting as lender of the last resort in exceptional circumstances.
Owing to its unique role as a central bank, some people are under the impression that the Reserve Bank was the first banking institution to be established in South Africa. This, is not the case however. The first bank to be established in South Africa was the Lombaard Bank in Cape Town, which opened its doors for business on 23 April 1793.
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