In response to the prevailing economic climate locally and globally‚ the Governor and Deputy Governors of the South African Reserve Bank (SARB)‚ together with all Board members‚ unanimously decided at the Board meeting of 30 November‚ to forgo salary and fee increases for non-executive and executive directors in 2013‚ the central bank said in a statement.

“This is in support of President Zuma’s call to CEOs and executive directors in the private and public sectors‚ to agree to a freeze on increases in salaries and bonuses over the next 12 months‚” the bank noted.

This decision does not apply to the SARB staff and general management. - I-Net Bridge