The South African Reserve Bank has closed its Johannesburg branches to secure long-term sustainability for its currency management functions.
As from 1 January, citizens with mutilated notes and old series notes will not be able to exchange them directly at the reserve bank but will have to use commercial banks.
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The changes in the bank’s operations were announced in August last year by the bank’s governor Lesetja Kganyago.
Leisel Radebe, the spokesperson for the reserve bank said, “The Joburg branch, as well as Durban and Cape Town, will be converted into cash centres and for security reasons, they will not be open to the public.
“Part of the bank’s key function is to ensure that there is a sufficient supply of good quality banknotes and coins in circulation at all times.”
According to Radebe, the key to the achievement of this mandate is the efficiency with which the bank supplies banknotes and coins to the public via a banking system and collects notes and coins which are unfit for circulation for destruction.
“A review of the bank’s banknotes and coins distribution processes found a number of inefficiencies.
“The closure of some branches and the conversion of others into cash centres is aimed at addressing these inefficiencies. The bank will share with the public a list of selected commercial banks which will perform these functions soon.”
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The proposed changes are intended to improve efficiency, reduce risks and to achieve the reserve bank’s 2020 strategy.
Sales of Kruger Rands can be done at the bank’s head office in Pretoria Central and South African Mint accredit dealers.
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