The exchange rate is often seen as a source of the mining sector’s difficulties. The necessity to adapt to these new and changing circumstances has impacted not only on the mining sector but on all  BIS Review 76/2005  1  exporting sectors. Despite the mining sector’s difficult circumstances, South Africa remains the world’s largest producer of gold and platinum. 3.
The South African Reserve Bank and gold  The South African Reserve Bank has historically been an active participant in the gold market. Originally all newly-mined gold had to be offered for sale to the Bank within 30 days of production.