However, in terms of the SARB Act, these revaluation gains (or possible losses) accrue to the government through the Gold and Foreign Exchange Contingency Reserve Account (GFECRA), while the current low return and cost of sterilisation accrue to the Bank.
Independent directors, in particular, are increasingly critical components of a check and balance system that can oversee any breaches in agreed protocols … and maintain an appropriate system of compensation and rewards. At this point, I also wish to cite the valuable contribution of some members of the CTB to the Bangko Sentral’s stress testing program.