Nationalization led to sharp expansion of the banking network and impressive penetration into rural areas. The Reserve Bank evolved in parallel with these socio economic developments. It took a leading role in designing and implementing policies for agricultural and industrial development and for laying the foundations for financial markets.
The average daily turnover against rand doubled since 2002 from USD6 billion to over USD12 billion. According to the latest BIS Triennial Survey, the rand’s share of total currency distribution in global currency markets increased from 0,5 per cent in 1998 to almost one per cent in 2004.