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Economy, Currency and Banking

Johannesburg Stock Exchange, South African Reserve Bank, monetary policy, investment banks, capital market

The rand, divided into 100 cents, is the basic unit of currency (6.94 rand equal U.S.$1; 2000 average). The South African Reserve Bank in Pretoria, founded in 1920, is responsible for formulating and implementing monetary policy, overseeing the banking system, and issuing the currency. A state-controlled Land Bank serves the agricultural sector. There are numerous commercial, savings, and investment banks, and electronic banking services are well developed. There is an organized money and capital market that includes the Johannesburg Stock Exchange (founded in 1887) and related brokerage activities.



Article key phrases:

Johannesburg Stock Exchange, South African Reserve Bank, monetary policy, investment banks, capital market, banking system, cents, savings, agricultural sector, formulating, Pretoria, average

 
 

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