President Cyril Ramaphosa has officially opened the newly renovated South African Reserve Bank (SARB) Museum, describing it as a place of learning, heritage and national pride that will help South Africans better understand the role of the country's central bank.
Speaking at the launch of the museum in Tshwane on Friday, the President said the institution will play an important role in educating the public about monetary policy, financial stability and the country's economic history.
He said that while the work of a central bank is often not widely understood, it has a significant impact on the daily lives of South Africans.
“Yet the work of this institution has a profound impact on the value of the money in our pockets and the stability of the banks that hold our savings. It gives businesses – both large and small – the confidence to plan, to invest and to grow,” he said.
The President congratulated the Reserve Bank for establishing the museum, saying it will help inform and educate the public about the role and history of the institution.
“Through its exhibitions and its dedicated schools outreach programme, we expect the museum to deepen financial and economic literacy in society,” he said.
President Ramaphosa said the museum will provide young people with an opportunity to better understand how economies function and why institutions that safeguard the country's financial system are important.
“Our young people will be able to walk through these halls and understand how an economy works, how money holds its value and why the institutions that safeguard it matter.”
The President also welcomed the museum's inclusion of the Reserve Bank's extensive art collection, which he said reflects the country's rich cultural heritage.
“As Governor Kganyago has mentioned, the Reserve Bank has a long and proud history of supporting South African artists, having procured thousands of artworks over many years.
“Through this museum, the Bank is giving the public an opportunity to view its extensive art collection in an accessible way.”
Economic stability and the Constitution
The President emphasised the importance of the Reserve Bank in maintaining economic stability, noting that a stable currency and sound financial system are essential for economic growth, job creation and household financial security.
“When inflation is kept in check, it is the poorest who are protected most. It is they who suffer the most when prices spiral and savings erode,” he said.
Credibility
He stressed the need to protect the institution's credibility and autonomy.
“We must cherish and defend the integrity and independence of the Reserve Bank for it is a national asset built up over many years and trusted around the world,” he said.
The President also paid tribute to the leaders who have guided the institution since the advent of democracy, including former governors Chris Stals, Tito Mboweni and Gill Marcus, as well as current Governor Lesetja Kganyago.
“The high regard in which this institution is held is the result of the work of many dedicated men and women,” the President said. – SAnews.gov.za
