Among major central banks that publish financial statements that include detailed operational expenses, the South African Reserve Bank stands out for its large budget. Taking the size of the economy into account, South Africa spends more than five times what New Zealand spends on its central bank and around five times more than Canada, Australia, the UK or India. This does not reflect an unusually high number of employees. Instead, the bank’s operational expenditure is very high and has risen faster than the growth rate of the economy, especially if the SARB’s subsidiaries (The Mint, Note Company, CODI and CPD) are included. It is also worth noting that SARB stands out internationally for its ability to set its own budget.
Footnote
Note that the size of different central banks can be difficult to compare given differences in the services they provide and the areas that they regulate.
