SARB plans overhaul of Bank Act

The South African Reserve Bank (SARB) has been working on new draft legislation for the past 18 months to replace the archaic SARB Act. Bank governor Tito Mboweni said it would define the Bank's objective as being to achieve and maintain price stability - instead of the confusing definition "to protect the value of the currency" as set out in the existing act.

Source: Business Day

The Reserve Bank is drafting new governing legislation to replace the South African Reserve Bank Act and do away wi