SARB to finish R100bn transfer to Treasury soon

The South African Reserve Bank (SARB) will complete the transfer of R100-billion of profits on the nation’s gold and foreign-exchange reserves to the Treasury by mid-August, Governor Lesetja Kganyago said. “As of July 1, R100-billion had been transferred to the SARB, and roughly three quarters of the R100-billion due to National Treasury this year has already been paid out,” Kganyago told shareholders at the central bank’s ordinary general meeting Tuesday. “We expect to complete the transfers by mid-August,” he said.