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South African Reserve Bank
 
 
     
 
 

Dr Christian Lodewyk Stals 

 
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 TERM SERVED IN OFFICE: 8 August 1989 – 7 August 1999
 
 
Dr Stals joined the Reserve Bank on 1 May 1955 as a clerk in the Exchange Control Department. In 1956 he was transferred to the Statistics Section of the then Department of Economic Research and Statistics. During his early years with the Bank, he was also a part time lecturer in the Commerce, Money and Banking Department of the University of Pretoria. In 1960 he was promoted to First Assistant in the Department of Economic Research and Statistics and eventually became head of the Department’s Balance of Payments Section. When Dr de Jongh was made Governor of the Bank, Dr Stals was appointed Assistant to the Governor with effect from 1 July 1967. On 1 February 1975 Dr Stals became the Bank’s General Manager and from 1 April 1976  was appointed Deputy Governor.
 
Simultaneous to Dr GPC de Kock’s assumption of the Governorship on 1 January 1981, Dr Stals assumed the position of Senior Deputy Governor. On 1 September 1985 a new phase started in his career when he became Director-General of the Department of Finance. With effect from 1 May 1989 he was appointed Special Economic Adviser to the Minister of Finance but filled this position for only a few months since he was named by the State President in 1 June 1989 to be Dr De Kock’s successor as Governor of the Reserve Bank as from 1 November 1989. However, Dr Stals assumed the Governorship on 8 August 1989 after the death of Dr De Kock. He held this position until 8 August 1999, when Mr T T Mboweni was appointed as Governor.
 
Dr Stals’ long service in various executive positions in the Bank led to his involvement in almost all the major events in the South African economy over a quarter of a century. In 1968 he was a member of the South African team of negotiators that clinched the crucial gold agreement with the International Monetary Fund. He was also involved in the old swap arrangements, the debt standstill agreements and the negations leading to the establishment of the Rand Monetary Area.
 
In October 1993 Dr Stals was honoured by the Afrikaanse Handelsinstituut with the M.S. Louw Prize for his dedicated efforts to curb inflation and to maintain financial discipline. He also did duty in various work-related positions such as:
 
Director:
National Finance Corporation, Industrial Corporation and the Corporation for Public Deposits;
Chairman:
South African Bank Note Company; Standing Commission of Inquiry into the Tax Policy of the RSA (involved in the planning of the change-over from sales tax to Value Added Tax); Debt Standstill Committee;
Governor:
Board of Governors of the International Bank for Reconstruction and Development and International Finance Corporation;
President:
Institute of Bankers;
Member:
Technical Committee on Banking and Building Society Legislation;
State President’s Economic Advisory Council;
 
 
 
 
 
     
 
 
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