1998-01-26: Statement regarding the Bank Note Distribution Function of the Reserve Bank and the Banking Sector
Last Modified Date:
2020-10-08, 08:17 PM
Media > Media Releases
The Reserve Bank and the shareholding banks of SBV Services (Pty) Limited established a small Technical Committee in May 1997 to review the present system for the national management of bank notes and coin. The investigation covers the present procedures followed with the issuing of coin and new and used bank notes, the sorting of circulated notes, the cancellation of notes, and the storage of notes and coin throughout the country.Flowing from the work of this Committee, a meeting was arranged some time ago for today between representatives of the shareholders of SBV and the Reserve Bank to discuss a number of the technical issues related to these activities for which the Reserve Bank and the banking sector take joint responsibility. There was therefore no "crisis" meeting between the Reserve Bank and SBV as intimated in some media reports over the past few days.The Reserve Bank and representatives of the banking sector will continue with their discussions at all levels to rationalise and improve the present system of bank note and coin distribution in the interest of the business community and the general public.