Transferring Money from South Africa?
The South African Reserve Bank (SARB) is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the “Currency and Bank Act of 10 August 1920”, as a direct result of the abnormal monetary and financial conditions that World War 1 had brought.
Board of directors
SARB has a board of directors consisting of Governor Lesetja Kganyago three Deputy Governors, and eleven Directors. The Governor, and Deputy governors are appointed for five-year terms by the President of South Africa in consultation with the Minister of Finance. Four of the directors are also appointed by the President for terms of three years. The remaining seven directors are appointed by the Shareholders of the Bank, also for a three-year term.
The Reserve Bank, with 2 million issued shares, is one of eight reserve banks worldwide that have shareholders other than the governments of their respective countries (the others being Belgium, Greece, Italy, Japan, Switzerland, Turkey and the USA). The only limitation on shareholding is that no single shareholder may own more than 10,000 shares individually.
Shareholders are entitled to a dividend of not more than 10 South African cents per share per annum (the total maximum dividend is therefore 200,000 South African Rand or a maximum of 1,000 South African Rand for any individual shareholder), with the remaining profits being paid to the South African government.
Foreign exchange reserves ( forex reserves or FX reserves) are cash and other reserve assets such as gold held by a central bank or other monetary authorities that are primarily available to balance payments of the country, influence the foreign exchange rate of its currency, and maintain confidence in financial markets. Reserves are held in one or more reserve currencies, nowadays mostly the United States dollar and to a smaller extent the euro.
We specialise in international money transfers which are 100% safe & secure with bank-to-bank transfers and a fixed transfer fee of only R250 per transaction, irrespective of the amount transferred.
At WBForex we offer better rates than any SA commercial bank. Please email email@example.com for more information – with dedicated account managers in the UK and SA.
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Trading desk in Hartley Wintney (UK) & Pretoria (SA)
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