DEEL 3 / SECTION 3

GELD, DIE EKONOMIE EN

MONETÊRE BELEID
MONEY, THE ECONOMY AND
MONETARY POLICY

Arnold 12–15
DIE SUID-AFRIKAANSE RESERWEBANK
(SARB) / THE SOUTH AFRICAN RESERVE
BANK (SARB)
 Groepwerk / Group work
Bespreek die volgende vrae met die studente langs u. /
Discuss the following questions with the students next to you.

Waar of onwaar? / True or false?

1. Die SARB is in privaat besit. / The SARB is privately owned.

2. Jacob Zuma gee vir Gill Marcus raad oor rentekoerse in
Suid-Afrika. / Jacob Zuma advises Gill Marcus on interest
rates in South Africa.
3. Handelsbanke kan geld skep. / Commercial banks can
create money.
4. Slegs SARB het die magtiging om geld te druk. / Only SARB
has the authority to print money.
3
 Sentrale banke / Central banks

Konsep in 1700’s ontwikkel
Concept developed in 1700s
 Sentrale banke  Central banks
 Reserwe banke  Reserve banks
 Nasionale banke  National banks

Federal Reserve (VSA / USA)

 Ben S. Bernanke
(Alan Greenspan 1987 – 2006)

European Central Bank
 Mario Draghi

Bank of England
 Mark Carney

Bank of Japan
 Haruhiko Kuroda
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 SARB: 1920s
Die gebou / The building

5
 1920s –
Die manne / The men

6
2013 – Die vrou, die manne & vroue en die gebou
The woman, the men & women and the building

7
 Vorige SARB presidente
previous SARB governors

• Dr C L Stals (1989 – 1999)

• Mnr/Mr T T Mboweni (1999 – 2009)
– Leer meer oor Stals en Mboweni in
tweedejaar monetêre ekonomie. / Learn
more about Stals and Mboweni in second-
year monetary economics.
• Me/Ms Gill Marcus (2009 – …)
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 Die Suid-Afrikaanse Reserwebank
The South African Reserve Bank

Gestig in 1921
Established in 1921

In privaat besit
Privately owned
 Aandeelhouers  Shareholders

Onafhanklikheid gewaarborg
Independence guaranteed
deur grondwet by constitution
 Duidelike mandaat vasgestel  Clear mandate by a
deur ’n demokraties verkose democratically elected
regering government
 MAAR rentekoerse en monetêre  BUT interest rates and
beleidsmaking mag nie direk monetary policy making may
deur regering voorgeskryf word not be directly determined by
nie! government!
 Die SARB het dus instrument  The SARB therefore has
onafhanklikheid, maar nie instrument independence but
doelwit onafhanklikheid nie. not goal independence.
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 SARB aandeelhouding /

Die SARB het sedert die stigting
daarvan privaat aandeelhouding en
het nou meer as 650 aandeelhouers.

Die SARB wetgewing vereis dat geen

aandeelhouer meer as 10 000
aandele uit die 2 000 000 uitgereikte
aandele mag hou nie.

Na die betaling van, onder andere,

maatskappybelasting, oordragte na
reserwes en jaarlikse dividende wat
nie meer as 10c per aandeel mag
beloop nie, word die res van die
SARB se opbrengs aan die owerheid
oorbetaal.
shareholding

The SARB has been privately owned
since its establishment and presently
has in excess of 650 shareholders.
The SARB Act provides that no
individual shareholder may hold
more than 10 000 shares of the total
number of 2 000 000 issued shares.
After the payment of certain
amounts, amongst others, company
tax, transfers to reserves and annual
dividend payments which may not
exceed 10c per share, the surplus of
the SARB earnings is paid to
Government.
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 Missiestelling
Mission Statement

Die Suid-Afrikaanse Reserwebank is die sentrale

bank van die RSA met die primêre doelstelling: /
The South African Reserve Bank is the central
bank of the RSA with the primary goal of:

“die bereik en handhawing van prysstabiliteit

en stabiliteit in finansiële markte” /
"the achievement and maintenance of price
stability and financial market stability"

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 funksies / functions
1. Formulering en implementering van monetêre
beleid / Formulation and implementation of
monetary policy
2. Diens aan owerheid / Service to government
- Hou reserwes / Keeps reserves
- Bankier vir owerheid / Banker to government
- Valutabeheer / Exchange control
3. Statistiese diens / Statistical service
4. Finansiële stabiliteit / Financial stability
…
5. Voorsiening van interne korporatiewe
ondersteuningsdienste en –stelsels / Provision of
internal corporate support services and systems
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 funksies / functions
4. Finansiële stabiliteit (vervolg) /
Financial stability (continued)
– Toesighouding oor handelsbanke /
Commercial bank supervision
– Nasionale betalingstelsel / National payment
system
– Bankier vir handelsbanke / Banker to
commercial banks
– Banknote en munte / Bank notes and coins
– Lener in laaste instansie / Lender of last resort
– Monitering van finansiële stabiliteit /
Monitoring of financial stability
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 Beheer uitgif van munte en note
Controls issue of coins and notes

Kontantsteeds belangrik
Cash still important
ten spyte van debiet- / despite debit/credit
kredietkaarte cards
 Meer as R55 miljard  Over R55 billion cash in
kontant in omloop circulation
 Noot meeste in aanvraag:  Most demanded: R100
R100 note
 R10 noot hou ongeveer  R10 note lasts about 6-7
6-7 maande; R100 hou 18 months; R100 lasts 18
maande months

Eksklusiewe reg
om
Sole right to make and
kontant te maak en uit te issue cash
reik 14
 Prysstabiliteit
Price Stability

Inflasieteiken
Inflation target
 Sedert 2000 in SA  Since 2000 in SA

3-6% VPI (vasgestel deur • 3-6% CPI (set by the
die owerheid na government after
oorlegpleging met die consultation with
SARB) SARB)

(Waarom nie nul nie?) • (Why not zero?)
 Direkte numeriese  Direct numerical target
teiken • vs targeting exchange

vs teiken van wisselkoerse rates or monetary
of geldvoorraad aggregates
 Beleidsloering benodig  Policy lags require
vooruitskatting forecasting 15
 Hoe beheer SARB inflasie?
How does SARB control inflation?

3 Instrumente: / 3 Instruments:
– Kontantreserwevereiste / Cash reserve
requirement

– Opemarktransaksies / Open market operations

(transactions)

– Terugkoopkoers (repokoers) / Repurchase rate

(repo rate)

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 Hoe beheer SARB inflasie?
How does SARB control inflation?
3 Instrumente: / 3 Instruments:
 Kontantreserwevereiste / Cash reserve
requirement Rentekoers /
 Opemarktransaksies / Open market
operations (transactions)
Interest rates
 Terugkoopkoers (repokoers) / Repurchase
rate (repo rate)

Geldvoorraad /
Money supply (M)

Inflasie / Inflation
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 Opemarktransaksies
Open market Operations (transactions)

Koop en verkoop van finansiële

instrumente soos skatkiswissels en
staatseffekte / Buying and selling financial
instruments such as treasury bills and
government bonds …

– Koop / Buy…
= likiditeitsinspuiting / inject liquidity

– Verkoop / Sell…
= likiditeitsinkrimping / lowering liquidity
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 Bank balansstate
bank balance sheets
Hoe lyk die balansstate van die SARB en ‘n
handelsbank met ‘n opemarktransaksie? / What
do the balance sheets of the SARB and a
commercial bank look like with an open market
transaction?
– Volg saam op bl 274 van u handboek / Follow
along on p 274 of your textbook.

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 Waar kom die geld vandaan?
Where does the money come from?

• SARB “skep” geld / SARB “creates” money

• Word in handelsbanke se rekeninge gestort
in ruil vir effekte / Deposited in commercial
banks’ accounts in exchange for bonds
• Kan ook geld “vernietig” / Can also
“destroy” money
• Verkoop effekte aan handelsbanke en
onttrek (vernietig) geld / Sells bonds to
commercial banks and withdraws
(destroys) money
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 Kontantreserwevereiste
Cash reserve requirement

Handelsbanke kan slegs geld skep gesteun

deur reserwes (kontant of deposito by
SARB) / Commerical banks can only create
money backed by reserves (cash or deposit
at SARB)

Maksimum verandering in die

geldvoorraad? /
Maximum change in the money
supply?
= (1/r) x ΔR 21
 Oefening / Exercise

Hoeveel geld kan die banksektor skep indien die

SARB staatseffekte ter waarde van R10m koop, /
How much money can the banking sector create if
the SARB buys government bonds worth R10m,

a) indien die kontantreserwevereiste 5% en / if the

cash reserve requirement is 5% and
b) indien die kontantreserwevereiste 8% is? / if the
cash reserve requirement is 8%?

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Antwoorde / Answers

23
 SARB “maak seker” repokoers
is effektief:
Kontantre-
serwevereiste Skep
likiditeitstekorte in
+
banksektor
Opemark-
transaksies

Handelsbanke se SARB verskaf likiditeit

rentekoerse aangepas teen repokoers
volgens bewegings in
repo
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 SARB “makes sure” repo rate is effective:
Cash reserve
requirement
Creates liquidity
+
shortage in banking
Open market sector
operations
(transactions)

SARB supplies
Commercial banks liquidity at repo rate
adjust their own
interest rates according
to movements in repo
 Die Repokoers / The Repo Rate
Repokoers (repo) deur
MBK vasgestel
 SARB koop en verkoop
dan staatseffekte aan
banke (herverkoop
ooreenkomste)
 Effektief leen banke geld
by SARB
 Banke kan ook by ander
banke leen

Teen interbankkoers

Bv. JiBAR (die Johannesburg
interbank ooreengekome
koers)
Repurchase (repo) rate set
by MPC
– SARB buys and then sells
government bonds to
banks (repurchase
agreements)
– Banks effectively borrow
money from SARB
– Banks can also borrow
from other banks
• At interbank rates
• E.g. JiBAR (the Johannesburg
interbank agreed rate)
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 Oefening / Exercise
Veronderstel die SARB wil die geldvoorraad
laat toeneem om die SA ekonomie 'n
hupstoot uit ‘n resessie te gee. Watter 3
maniere kan die SARB gebruik om dit te
bewerkstellig? / Suppose the SARB wants to
increase the money supply to push the SA
economy out of a recession. Name 3 ways
in which they may be able to do this.

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Antwoord / Answer

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 Vrae / Questions
Beantwoord vrae 1-4 (“Working with numbers
and graphs”) op bl 280 van u handboek. /
Answer questions 1-4 (Working with numbers
and graphs) on p 280 of your textbook.

NB:
In vraag 2 verander: / In question 2 change:
“… what is the maximum change in the cash
reserve requirement chequeable deposits?”
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Antwoorde / Answers

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Antwoorde / Answers

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Antwoorde / Answers

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 Volgende lesing / next lecture

Geld en die Ekonomie / Money and

the Economy

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