SARB transfers to government

The SARB Act stipulates that 9/10ths of the SARB’s surplus after provisions and dividends must be transferred to government. The Corporations of Public Deposits (CPD) Act stipulates that the SARB Group that the balance of net profits after transfers to reserves and payment of dividends must be paid to government. The SARB did not transfer any income to the government between 2010 and 2019 (or in 2022) as it made losses on holding foreign reserves and needed to rebuild its contingency reserve. The SARB group has not paid distributions required by the CPD Act since 2019 as a result of impairment losses suffered from its holdings of African Bank.

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