Durban SARB branch among those to close to public
The SARB has made provision for the public to use selected commercial bank branches to exchange mutilated notes and old series notes
As of 1 January 2018, the South African Reserve Bank (SARB) Durban, Cape Town and Johannesburg branches including head office will not be open to the public.
This follows the closure of the Port Elizabeth, East London and Bloemfontein branches.
The Durban, Cape Town and Johannesburg branches will be converted to cash centres.
The proposed changes are intended to improve efficiency, reduce risks and achieve the Reserve Bank’s 2020 strategy. Changes are essential if the SARB is to meet its strategic objectives and to ensure the long-term sustainability of its currency management function, according to a release issued on Monday, 11 December.
In August 2016 South African Reserve Bank Governor Lesetja Kganyago announced important developments in the Bank’s cash management strategy and proposed changes in the banks’ operations.
The SARB has made provision for the public to use selected commercial bank branches to exchange mutilated notes and old series notes. Visit the SARB website (www.resbank.co.za ) from 2 January 2018, for a list of selected commercial bank branches which will perform these functions. Sales of Kruger rands can be done at the SARB head office in Pretoria Central and SA Mint accredited dealers, which can be found on: https://www.samint.co.za/collectable-coins/authorised-dealers/.
