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>Lesetja Kganyago | Address at the 106th annual Ordinary General Meeting

Prudential AuthorityRef: https://www.resbank.co.za/en/home/publications/publication-detail-pages/speeches/speeches-by-governors/2026/kganyago-106-agm

Official source

Source domain: resbank.co.za

Collected on 1 August 2026

Always confirm details on the official source before acting.

Our copy (archived 1 August 2026)Official source

What this means

This document is an address by Lesetja Kganyago, Governor of the South African Reserve Bank (SARB), delivered at the SARB’s 106th annual Ordinary General Meeting in Pretoria. The speech discusses SARB’s constitutional mandate to protect the value of the currency, the reform of South Africa’s inflation target to 3% (±1) adopted in 2025, and the SARB’s response to an oil shock that pushed inflation above target. It also covers SARB’s international engagements (including G20 and FATF), regulatory considerations for AI and stablecoins/crypto assets, progress on payment ecosystem modernisation, and updates on SARB reserves and balance sheet strength. The address concludes with thanks to SARB staff and leadership and a statement that the SARB is in a strong position.

Facts

Places

City of Tshwane, Gauteng

Reference

https://www.resbank.co.za/en/home/publications/publication-detail-pages/speeches/speeches-by-governors/2026/kganyago-106-agm

Key Takeaways

  • Speaker: Lesetja Kganyago, Governor of the South African Reserve Bank (SARB)
  • Event: 106th annual Ordinary General Meeting (SARB)
  • Date: 31 July 2026
  • Location: South African Reserve Bank, Pretoria
  • Inflation target reform: 3% target ±1 percentage point adopted in 2025 (replacing 3–6% range and 4.5% midpoint approach)
  • Oil shock impact: headline inflation 4.5% in May and 5% in June
  • Policy rate action: rates raised to 7% in May; held at MPC meeting in July
  • International: hosted President in June to launch SARB museum; G20 stewardship in prior year; not invited to G20 this year; expects UK Presidency participation
  • FATF: greylisting in 2022; SARB/authorities came off greylist late last year; next FATF mutual evaluation anticipated
  • Reserves: $47 billion (10 years ago), $68 billion (a year ago), latest $74 billion
  • Payment modernisation: Payment Ecosystem Modernisation programme; 50% stake in BankservAfrica purchased in November last year; rebranded as PayInc
  • Lesetja Kganyago
  • South African Reserve Bank (SARB)
  • Monetary Policy Committee (MPC)
  • Group of Twenty (G20)
  • Financial Action Task Force (FATF)
  • BankservAfrica
  • PayInc
  • President of South Africa
  • United Kingdom (G20 Presidency)

Dates

Closing Date

31 July 2026