South African Reserve Bank

The South African Reserve Bank was established under the Currency and Bank Act of 1920 and began operating on 30 June 1921 in Pretoria, making it Africa's oldest central bank and, at the time, only the fourth central bank founded outside Britain and continental Europe. It sets monetary policy, issues the country's banknotes and coins, manages South Africa's foreign exchange reserves, oversees the payment system, and acts as lender of last resort to the banking sector. Unusually for a modern central bank, it is a privately held institution whose roughly two million shares are distributed among some 696 shareholders, none permitted to hold more than 10,000 shares, though the South African government has announced plans to bring it into full state ownership.