The SARB has a strong research capability, producing a wealth of knowledge

Its research supports economic policy formulation by providing accurate economic information and well-considered analysis and recommendations. The SARB also supports researchers from academia and the broader policymaking community for work on topics of interest to the central bank.


Research agenda

The SARB’s research is guided by a research agenda, which is approved by the Governor’s Executive Committee and updated annually. In addition to the priority areas outlined in the agenda, SARB economists tackle a range of other research topics to address questions raised by policymakers or issues that arise during the year.

Research agenda document


To download the full Research Agenda click here

A compilation of working papers looking at ways to restore and accelerate economic growth in South Africa. 

Many of our economic problems, epitomised in our record levels of unemployment and shrinking real income growth, preceded the COVID-19 pandemic, and left South Africa uniquely vulnerable to its effects.

To assess the likely trajectory of South Africa’s economy over the next few years and to outline the available options to restore and accelerate economic growth, the South African Reserve Bank (SARB),  International Food Policy Research Institute (IFPRI) and Economic Research Southern Africa (ERSA) commissioned a series of research papers, presented as chapters in this book. Supported with funding from the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) Fund, this work began in late 2020 and concluded in 2021. The papers focus on current trends and developments in areas critical for economic growth and development, namely labour markets, trade, food price regulation, monetary policy and the environment. They present several alternative growth and policy scenarios. While these papers were intended to address the immediate implications of COVID-19, they all also inevitably point to the longer-term deterioration of the South African economy and provide some solutions. 


To download the full book click here

Working papers and discussion papers

The SARB’s working paper series publishes peer-reviewed research by SARB or affiliated researchers.


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The OBEN series provides a forum for internal research pieces by SARB staff to reach a wider audience. Unlike the Working Paper series, OBEN papers are shorter pieces that focus on topics of immediate policy relevance.

Most recent papers


The SARB grants fellowships to established academics and highly qualified policymakers to conduct research on topics of interest to the central bank. This research is typically related to the SARB’s mandate, although support may be provided for topics of broader economic relevance. Questions and proposals can be directed to


The SARB partners with a number of organisations working on topics of mutual interest. These include:

African Economic Research Consortium

Economic Research Southern Africa

The Global Projection Model Network


Biennial conference: Managing external vulnerabilities: implications for emerging market economies
Date:  24–25 October 2019

Welcome to the Biennial Conference of the South African Reserve Bank. The theme for this conference is ‘Managing external vulnerabilities: implications for emerging market economies’. It covers both the price stability and financial stability themes. The main driver behind this theme is the major challenge faced by emerging markets, which is the growing influence of global monetary policy spillovers on national policymaking. Ten years after the onset of the financial crisis in 2008, emerging markets are questioning whether they are better placed to withstand future financial crises or not, and if they are more or less susceptible to capital flow reversals.

The conference will include research papers and a panel discussion. Further, it will host subject experts from the advanced economies as well as emerging and developing economies.

The conference presenters include a mix of internationally renowned policymakers, academics and central bankers such as Adam Posen: President of the Peterson Institute for International Economics; James Bullard: President and Chief Executive Officer of the St Louis Fed; Alberto D Naudon: Board Member of the Central Bank of Chile; Luiz Awazu Perieira da Silva: Deputy General Manager of the Bank for International Settlements; Tobias Adrian: Financial Counsellor and Director of the Monetary and Capital Markets Department of the IMF; Robert N McCauley: retired from the BIS; John Muellbauer: Professor at the University of Oxford; Janine Aron: Senior Research Fellow at the University of Oxford; Pierre Siklos: Professor at the Department of Business and Economics; Wilfrid Laurier University; Sheila M’Mbijjewe: Deputy Governor of the Banki Kuu Ya Kenya; Kathy Yuan: Professor of Finance at the London School of Economics; Co-Pierre Georg: Financial Stability Chair at the University of Cape Town; and Monique Reid Professor at the University of Stellenbosch.

I trust that the conference will provide a platform for a productive dialogue on critical policy issues relevant to central banking.

Conference live stream link — YouTube

Conference live stream link — Facebook


Biennial Conference 2023
BIS-SARB Centenary Conference



If you have further questions about research, please do not hesitate to contact us.


Learn more about the research agenda by the SARB.