“I am pleased to report that the SARB remained profitable for the third consecutive financial year. The Group recorded an after-tax profit of R1.4 billion, compared with R1.6 billion in the previous financial year.”

E L (LESETJA)
KGANYAGO
Governor

2016/17
ANNUAL REPORT

The annual report forms part of SARB’s public accountability and responsibility to a broad range of stakeholders. It explains the mandate entrusted to the SARB and the SARB’s strategic focus areas and targets in the medium term.

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ABOUT THIS REPORT

Sets out the scope and boundary of the annual report, as well as the frameworks used to guide and prepare the report.

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RELATED INFORMATION

The full annual financial statements of the SARB Group.

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INTRODUCING THE SARB

To fulfil its mandate, the SARB performs the fllowing key activities:

01 The SARB’S constitutional mandate

The 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. Achieving price stability contributes towards underpinning the stability of the entire financial system.

Report on monetary policy

Assesses prevailing economic conditions and sets out the SARB’s inflation forecasts and monetary policy stance.

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02 02 Financial Sector Regulation Bill 2014 (FSRB)

The FSRB, once promulgated, will formally mandate the SARB to protect and enhance financial stability in South Africa in addition to its primary price stability mandate. The FSRB will also establish the Prudential Authority, expanding the SARB's regulatory responsibility beyond licensed deposit-taking institutions.

Report on financial stability

Discusses how the SARB is preparing to fulfil its responsibilities as set out by the FSRB.

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03 Five-year strategic plan

The five-year strategic plan sets out what the SARB needs to do to achieve its vision and mission. It consists of the following three groups of strategic objectives:

  • Five strategic focus areas (SFAs) with unique strategic objectives.
  • Cross-cutting objectives that support more than one SFA.
  • Organisational capacity and capability objectives.
Strategy

Sets out the SARB's strategy plan and the strategic scorecards that measure the SARB’s success.

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04 Vision

The SARB leads in serving the economic well-being of South Africans through maintaining price and financial stability.

Mission

To protect the value of the currency in the interest of balanced and sustainable economic growth in South Africa.

Values

The SARB actively encourages and strives towards the following values:

  • Respect and trust
  • Open communication
  • Integrity
  • Accountability
  • Excellence
Report on monetary policy

Assesses prevailing economic conditions and sets out the SARB's inflation forecasts and monetary policy stance.

Read more
05 Governance and risk

The SARB Act and associated regulations set the framework and structure of the SARB, the way in which it is managed and the actions it may take. Governance and risk management contribute towards the SARB's ability to sustainably execute its role in society.

Private shareholders have limited rights, namely to consider the SARB's annual financial statements, elect seven of the non-executive directors of the Board, and appoint the external auditors and approve their remuneration. The shareholders have no rights or involvement in the conduct of monetary policy, financial stability policy or banking regulation.

The SARB Act stipulates that shareholders are entitled to a 10 cents per share dividend on an annual basis paid from the accumulated reserves.

Governance and risk management

Provides an overview of the SARB's governance and risk management structures.

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ACHIEVE AND MAINTAIN PRICE STABILITY

The South African Reserve Bank Annual Report 2016/17 – Achieving and maintaining price stability. The South African Reserve Bank Annual Report 2016/17 – Protecting and enhancing financial stability. The South African Reserve Bank Annual Report 2016/17 – Promoting the economic well-being of all South Africans logo. The South African Reserve Bank Annual Report 2016/17 – Introducing the SARB. The South African Reserve Bank Annual Report 2016/17 – The Governors message.

2016/17
Annual Report

The annual report forms part of SARB’s public accountability and responsibility to a broad range of stakeholders. It explains the mandate entrusted to the SARB and the SARB’s strategic focus areas and targets in the medium term.

Download

About this report

Sets out the scope and boundary of the annual report, as well as the frameworks used to guide and prepare the report.

Read more

Related Information

The full annual financial statements of the SARB Group.

Download