The SARB acts proactively by developing new banknotes to ensure that the country’s money remains among the most trusted currencies in the world.This is done to ensure continued relevance of the design and to incorporate technological advances, ensuring trust is maintained in the currency.
A number of design objectives are considered when designing and developing new banknotes and coin that:
- are difficult to counterfeit but economical to manufacture;
- are undeniably South African;
- can be easily validated and authenticated;
- are optimised to serve the needs of stakeholders, and
- optimise usability across the full currency life cycle.
The Currency Management Department works with its subsidiaries namely, the South African Mint Company (RF) Proprietary Limited (SA Mint), which mints coins, and the South African Bank Note Company (RF) Proprietary Limited (SABN), which prints banknotes. Both are subsidiaries of the SARB.
The SARB forecasts and calculates annually the volume of banknotes and coin needed to meet public demand. The production and technical teams decide on the technical, quality and security features of the banknotes and coin. The SABN and SA Mint then produce the new banknotes and coin based on the annual order placed.
The SARB ensures the availability and adequacy of banknotes and coin throughout the country in line with section 10(1)(a)(i)–(v) of the SARB Act. It is responsible for the bulk issuance and distribution of banknotes and coin and for meeting public demand for cash.
The Currency Management Department is responsible for managing and overseeing the cash supply chain, from planning,distribution and issuance, to destruction of cash.
Printed banknotes are transported from the subsidiary to cash centres for issuance to commercial banks. The SARB’s cash centres are located in Johannesburg, Durban and Cape Town and are not open for transactions with the public.
Commercial banks hold sufficient banknotes and make them available at their branches and automated teller machines (ATMs), where they can be withdrawn and used for transactions by the public.
