The primary mission of the South African Reserve Bank SARB is to protect the value of the rand in the interest of balanced and sustainable economic growth in South Africa, through a monetary policy targeting inflation of 1-3 and by enhancing financial stability, acting independently and without fear, favour, or prejudice.
The SARB has considered to replace the Prime Lending Rate PLR with the SARB Policy Rate SPR, to better serve consumers experiencing high cost of living and debt service, reducing unsustainable lending practices by commercial banks, reducing economic vulnerabilities and currency risks and managing unethical banking practices that makes prime lending rates not consistent amongst commercial banks and other financial institutions.
