ECONOMIC EVENTS AT THE TIME THE 1984 BANKNOTES WERE USED IN SOUTH AFRICA
In previous studies of the business cycle in South Africa, as published in earlier issues of the Reserve Bank's Quarterly Bulletin, reference tuming-points of the South African business cycle were determined for the period 1946 to 1981. In this article, reference tuming-points are determined, and the length of successive upward and downward phases of the business cycle are established for the years 1981 to 1987. During this seven-year period far-reaching changes were experienced in South Africa in the social, political and economic spheres. Domestic events, and foreign perceptions of these events, during part of this period impinged on South Africa's international financial and trading relationships, affected business and consumer confidence and influenced propensities to spend, save and invest. The intensity of the recession in the industrialised countries during 1981-1982 and shifts and changes in the world economic environment (including the emergence of the international debt crisis in 1982, the restoration of relative price stability in the major industrialised countries mainly during the years from 1981 to 1984,Source:Business cycles in South Africa during the period 1981 to 1987 by B. E. van der Walt
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Governor G.P.C de KOCK
TERM SERVED IN OFFICE: 1 January 1981 – 7 August 1989
Dr de Kock's father (Dr Michiel de Kock) was Governor of the South African Reserve Bank during the period 1945-62. As early as 1951 Dr Gerhardus de Kock was engaged by the Reserve Bank to do specialised research on a part-time basis. At the end of 1955 he joined the Bank as an economist. Shortly after his appointment at the Bank he was chosen to represent the Bank at the first course presented by the Bank of England for foreign bank officials in London. As from 1 July 1962 the position held by Dr De Kock was changed to Economic Adviser and on 1 January 1964 he was appointed Head: Economics Department. In 1967 the status of his post was upgraded and he started to attend the meetings of the Board of Directors. In May 1966 he was seconded to the Treasury as a Special Economic Adviser for 14 months. He finally left the Economics Department towards the middle of 1968 when he was appointed Alternate Executive Director of the International Monetary Fund in Washington, DC, as the representative of South Africa, Australia, New Zealand, Lesotho and Swaziland, a position which he held with distinction up to the middle of 1971.
On his return to South Africa Dr de Kock was appointed as a Deputy Governor of the Reserve Bank with effect from 1 July 1971 and then to Senior Deputy Governor on 1 July 1976. In 1977 Dr De Kock was seconded to the Ministry of Finance as a Special Economic Adviser. He was also appointed during this period as the Chairman of the Commission of Inquiry into the Monetary System and Monetary Policy in South Africa. This commission eventually became known as the De Kock Commission. The final phase in Dr De Kock’s career began when he succeeded Dr T W de Jongh as Reserve Bank Governor, a position he held until his death in August 1989.Source: South African Reserve Bank
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