HISTORICAL EVENTS AT THE TIME UNION COINAGE WAS IN USE
THE RESERVE BANK ESTABLISHED DURING THE UNION PERIOD IN SOUTH AFRICA
The Reserve Bank’s size and operations were at first hampered by various statutory restrictions on its lending and investing. Some expansions to the Bank’s powers to grant credit were brought about by amendments to the Currency and Banking Act in 1923 and 1930.
The establishment of the Reserve Bank, The South African Reserve Bank, was established in 1921 as the central bank of South Africa in terms of a special act of Parliament. The founding of the Reserve Bank was the direct result of disruptions caused by the First World War and formed part of a more comprehensive set of measures meant to deal with unsatisfactory monetary and financial conditions. At that time, the existence of central banks was still not common, and the South African Reserve Bank was only the fourth central bank founded outside Europe. The other three central banks were established in the United States of America, Japan and Java. The Reserve Bank was mainly set up because of the need to issue uniform banknotes and to prevent the over-issue of banknotes. Before the Bank was established an assortment of banknotes were in circulation in South Africa which were issued in terms of the laws of the various provinces. With the formation of the Reserve Bank, it obtained the sole right to issue banknotes in South Africa. The Bank’s first notes were issued to the public in April 1922. At the end of that year the banknotes in circulation amounted to R20 million. At the end of February 2000 the notes and coins in circulation totalled R27,4 billion.
NOT TO BE MISSED
A SPECIAL COLLECTORS SET
A CHOICE NUMISMATIC
OFFER
R 24 000
NOT OFTEN FOUND AT THIS INCLUSIVE PRICE
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