<P> Following on the recommendations of the committee, the South African Reserve Bank opened for business on 30 June 1921, making it the oldest central bank in Africa . The first banknotes were issued to the public by the Bank on 19 April 1922 . </P> <P> Unlike the Bank of England, which provided the model for establishing the SARB, the SARB is privately owned . </P> <Ul> <Li> Formulating and implementing monetary policy; </Li> <Li> Issuing banknotes and coin; </Li> <Li> Supervising the banking system; </Li> <Li> Ensuring the effective functioning of the national payment system (NPS); </Li> <Li> Managing official gold and foreign - exchange reserves; </Li> <Li> Acting as banker to the government; </Li> <Li> Administering the country's remaining exchange controls; and </Li> <Li> Acting as lender of last resort in exceptional circumstances . </Li> </Ul> <Li> Formulating and implementing monetary policy; </Li>

Roles and functions of the south african reserve bank