Posted on :
29 Aug, 2013
29 Aug, 2013
The South African Reserve Bank is the central bank of the Republic of South Africa. The primary purpose of the Bank is to achieve and maintain price stability in the interest of balanced and sustainable economic growth in South Africa. Together with other institutions, it also plays a pivotal role in ensuring financial stability.
Owing to its unique role as a central bank, some people are under the impression that the Reserve Bank was the first banking institution to be established in South Africa. This, is not the case however. The first bank to be established in South Africa was the Lombaard Bank in Cape Town, which opened its doors for business on 23 April 1793.
The earliest proposals for the establishment of a central bank in South Africa were made as far back as 1879 – calls that were repeated for the following few years, until a select committee, consisting of the ten members of Parliament was established on 31 March 1920 to examine the practicalities of establishing a central bank.
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.
The Bank recognises that it fulfils its objectives through the people that it employs and that its success as a central bank is dependent on its staff. Attracting, developing and retaining the right skills at the right time in the right positions are imperatives that are not negotiable. In striving to be an employer of choice, the Bank recognises staff diversity as an asset, as it ensures that the Bank can harness the best strengths of its employees.
The Bank’s challenge is to ensure that it continues to provide a stimulating and rewarding work environment that meets the expectations of staff in respect of career development, growth, fair employment practices, wellness and lifestyle support, and appropriate recognition and reward processes. The Bank ensures that its leaders are equipped with the necessary skills and capabilities to manage teams of people effectively, and are provided with the tools to manage performance. The Bank is mindful of the need to ensure a culture that encourages open and transparent communication and consultation in respect of staff and related matters.
The Bank offers equal opportunities over a wide range of careers.
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