The South African Reserve Bank has been lauded for its stewardship of monetary policy, especially during the current unprecedented turmoil caused by the COVID-19 pandemic.
The Reserve Bank celebrated 100 years of existence in a virtual ceremony earlier on Wednesday.
The event was attended by former governors of the bank including Finance Minister Tito Mboweni, who was the 8th Governor of the Reserve Bank.
South African Reserve Bank celebrates its centenary:
Mboweni oversaw the adoption of the current three to six percent inflation targeting policy two decades ago.
“We did not have the modeling experience which will support the inflation targeting experience framework. But we worked together with the modeling team led by Dalin Small and others and we managed to create a credible team that helped us through the process. I am happy to say that but now the forecasting capacity at the SARB is well matured,” says Mboweni.
The story of money | 100 years of the South African Reserve Bank
The SARB is introducing a commemorative circulation R5 coin to mark its 100 years of existence. The imagery of the centenary coin depicts significant moments in history and similarly points to what the future holds for currency and the SARB. #SARB100 #CommemorateAndCirculate pic.twitter.com/oKRS3P3fqX
— SA Reserve Bank (@SAReserveBank) June 30, 2021