This primary mandate of the SARB, as well as its independence in carrying out this mandate, are entrenched in sections 224 and 225 of the Constitution of the Republic of South Africa. Our Constitution which has been tested many times in recent years bears testimony to the calibre and the foresight of the leadership of the founders of this nation.
Since 1997, the CBBH has been operating the Currency Board arrangement, under very strict criteria. Our currency, the convertible mark (BAM) was pegged to the Deutsche Mark and then, to euro, after its introduction. In addition, supervision of banks is not in the CBBH mandate, but nested in two separate Banking Agencies.