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South African Reserve Bank

Foreign Exchange 

The Foreign Exchange (FX) Operations Section within the Financial Markets Department is entrusted with the responsibility of conducting foreign exchange operations of the South African Reserve Bank (SARB) and monitoring foreign exchange activities of authorised dealers and the broader market participants. This function also involves engaging with various market participants locally and offshore, including official institutions to gather market information and intelligence to support internal decision-making in the implementation of monetary policy, exchange rate policy and management of the SARB’s foreign exchange reserves. To this end, the FX Section performs the following functions: 
  • Conducting spot and forward foreign exchange transactions for the purpose of accumulating foreign exchange reserves;
  • Conducting foreign exchange swap transactions in the domestic forward market for domestic liquidity management;
  • Management of the foreign exchange reserves working capital portfolio by investing funds in term deposit accounts with foreign banks and official institutions;
  • Servicing the foreign exchange needs of the SARB and its clients, including the government;
  • Conducting research and analysis into movements and trends across financial markets;
  • Analyse the impact of the SARB’s foreign exchange operations;
  • Promoting the effective function of the domestic financial markets by monitoring and gathering of market information and market intelligence in developments in the local and international markets;
  • Providing management information on the foreign exchange markets to the Senior Management of the department as well as the Executive Management of the SARB; and
  • Performing administrative function of the South African Foreign Exchange Committee (SAFXC), which has been established under the sponsorship and leadership of the SARB.
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