1  BIS Review 24/2000  2. Legal framework of the Bank  The existence, management, powers and functions of the Bank are currently governed by the Reserve Bank Act No 90 of 1989, which came into operation on 1 August 1989.
However, the Reserve Bank has also been identified as the central bank of South Africa in the Constitution of the Republic of South Africa. As the Bank is a statutory institution, it is only allowed to perform functions expressly or by implication assigned to or conferred upon it by these two legislative enactments. Since its establishment, the Reserve Bank has always been privately owned.