1998-05-12: Greater role for the Reserve Bank in the National Systems for the management of Banknotes and Coin
Last Modified Date:
2020-10-08, 08:17 PM
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Joint statement issued by Dr C.L. Stals, Governor of the South African Reserve Bank, and Mr W.R. Hyde, Chairman of the Board of SBV Services (Pty) Limited. The South African Reserve Bank, together with the banks, initiated a project in 1997 to review the system for the processing, handling and distribution of banknotes and coin on a national level.Resulting from the deliberations, the Reserve Bank, in agreement with the commercial banks, has undertaken to assume a greater role in the national banknotes and coin management system. To this end, it has also been agreed that the Reserve Bank will become involved in SBV Services (Pty) Limited, by obtaining a financial and management interest in the company.SBV Services is at present owned by the major banks and is mainly responsible for the management of the national banknote system. Upon finalisation of an agreement regarding the above arrangement, the Reserve Bank will be in a position to share responsibility, seek solutions to problems as they occur, and participate in the day-to-day administration and organisation of SBV Services together with the current shareholder banks.Over the next three years those SBV functions and responsibilities that are assumed to fall within the central bank=s domain will be integrated into the Reserve Bank=s branch operations. The Reserve Bank, together with the shareholder banks, will also rationalise the remaining SBV processes during this period, in the interests of the banking system.