It has been suggested that the South African Reserve Bank (SARB) is not doing enough to support economic growth and employment creation. There is confusion in the public debate, however, as three distinct concepts – the SARB’s mandate, ownership and independence – are often inaccurately lumped together and misinterpreted. This clouds the debate, and hinders progress. This article attempts to focus and stimulate the academic debate by distinguishing between these three distinct, yet interrelated, concepts, and to clarify misunderstandings and misinterpretation. It also suggests some avenues through which each could be investigated further, and how different dimensions to the problem could be considered independently.

No abstract

No abstract

The South African Reserve Bank (SARB) is one of only nine central banks around the world with private shareholders. This paper contributes to the understanding of this ownership arrangement by outlining the history and evolution of private shareholding in the SARB since its inception in 1921 to the present day. It considers the reasons for shares having been issued to establish the SARB, and changes in legislation which influenced the SARB's ownership structure and the roles and responsibilities of the Board of Directors, shareholders and shareholder-elected directors. It also considers some earlier calls for the SARB to be nationalized. The historical overview shows that executive power has always rested with government appointees, while the government has gradually gained more controlrelative to private shareholdersover the Board. This paper also confirms thatwith respect to monetary policyownership of the SARB is purely notional. The SARB's policy goals and executive powers are derived directly from the government and the Constitution, and neither the shareholders nor the directors appointed by shareholders have a say in the SARB's mandate, its policy goals, or the conduct of monetary policy. The role of shareholders is limited to matters of corporate governance only.

Die Republiek van Suid-Afrika het op 1 April 1971 begin met die praktiese implementering van die omskakelingsproses vir die gebruik van die metrieke stelsel van volume, mates, massaeenhede, temperatuur en so meer. Met die aanvaarding van metrieke afstandmates en spoedmeting op 1 April 1971 is ‘n omskakelingstydperk van enkele jare ingelei. Die belangrike stap om afstand en spoed te metriseer het nie slegs Suid-Afrika op die pad na volle metrisering geplaas nie, maar het ook die proses baie sigbaar vir die publiek gemaak. Metrisering het die imperiale stelsel, wat voorheen in gebruik was, vervang. Mates soos jaart (tree) en voet is met meter en sentimeter vervang. Vir volume is liter, eerder as gelling en pint, in gebruik geneem en kilogram en gram, eerder as pond en ons, is as massaeenhede aanvaar. Celsius, eerder as Fahrenheit, is vir temperatuurmeting aanvaar. Die komma is ook aanvaar om desimale waardes aan te dui, teenoor die punt wat voorheen gebruik is. Die voordele van metrieke mates is die desimale grondslag waarop dit gegrond is en die standaardisering van eenhede wat internasionale handel bevorder. Hierdie artikel toon dat Suid-Afrika suksesvol was in die volledige afhandeling van metrisering, teenoor sekere ander lande wat die proses aangepak het maar tot dusver nooit volledig voltooi het nie, of selfs nie aangepak het nie. Hierdie artikel toon dat volledige afhandeling van metrisering die korrekte strategie is, soos in Suid Afrika die geval was.