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South African Reserve Bank

Banker and Advisor to Government 

Banker to Government
The Bank provides banking services to the central Government, although this function has been trimmed down after the Government began holding cash balances with other banks. The Bank does not provide banking services to provincial governments, local authorities or state enterprises.
The Bank is, however, responsible for the movement of government balances to, from and between other banks. Such movements have an effect on the cash holdings of banks and, therefore, serve as a convenient additional instrument for managing the liquidity of banks.

The Minister of Finance has delegated to the Governor and/or a Deputy Governor as well as to the General Manager of the Financial Surveillance Department (and to other officials in the Department), all the powers, functions and duties assigned to and imposed on the Treasury under the Exchange Control Regulations (with certain exceptions).


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Administration of Exchange Controls
The Financial Surveillance Department is responsible for the day-to-day administration of exchange control. 
The Minister of Finance has also appointed certain banks to act as Authorised Dealers in foreign exchange.  This appointment gives these banks the right to buy and sell foreign exchange, subject to conditions and within limits prescribed by the Financial Surveillance Department.  Authorised Dealers are not agents for the Financial Surveillance Department but act on behalf of their customers.
Exchange control policy is determined by the Minister of Finance (or even Government/cabinet in the broader sense).  The Bank, therefore, merely acts as an advisor to the Minister of Finance.


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