The South African Reserve Bank (SARB) is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920", as a direct result of the abnormal monetary and financial conditions which World War I had brought. The SARB was only the fourth central bank established outside the United Kingdom and Europe, the others being the United States, Japan and Java. The earliest suggestions for the establishment of the Central Bank in South Africa date back to 1879. A select committee, of ten members of Parliament, was established on 31 March 1920 to examine the benefits to the national interest of the establishing of the central bank. Following on the recommendations of the committee, the South African Reserve Bank opened for business on 30 June 1921, making it the oldest central bank in Africa. The first banknotes were issued to the public by the Bank on 19 April 1922. Set of ZAR notes 2012 to present R 104 000 000 000.00 and Set of ZAR notes 2018 to present 400 000 000 print. Unlike the Bank of England, which provided the model for establishing the SARB, the SARB is privately owned. Functions of the South African Reserve Bank Formulating and implementing monetary policy; Issuing banknotes and coin; Supervising the banking system; Ensuring the effective functioning of the national payment system (NPS); Managing official gold and foreign-exchange reserves; Acting as banker to the government – but not owned by South African Government. Administering the country's remaining exchange controls; and Acting as lender of last resort in exceptional circumstances. Organisational structure Board of directors SARB has a board of directors consisting of a Governor Lesetja Kganyago three Deputy Governors, and eleven Directors. The Governor, and Deputy governors are appointed for five-year terms by the President of South Africa in consultation with the Minister of Finance. Four of the directors are also appointed by the President for terms of three years. The remaining seven directors are appointed by the Shareholders of the Bank, also for a three-year term. Ownership The Reserve Bank, with 2 million issued shares, is one of eight reserve banks worldwide that have shareholders other than the governments of their respective countries (the others being Belgium, Greece, Italy, Japan, Switzerland, Turkey and the USA). The only limitation on shareholding is that no single shareholder may own more than