Money SA economy
Reserve Bank Governor Gill Marcus on Wednesday said she was confident of the integrity of the country’s bank notes, following reports that faulty notes were in circulation.
News broke at the weekend that there were large quantities of defective R100 notes in circulation. The defects were said to be caused by faulty printing machines. The reports further claimed the defective notes were discovered during an internal investigation earlier this year.
“South African bank notes incorporate a range of the latest cutting edge security features,” Governor Marcus told shareholders at the bank’s ordinary general meeting earlier today.
She further encouraged South Africans as well as visitors to know their money. A review of the South African Bank Note Company since Marcus’s appointment has resulted in the suspension of its managing director, Musa Mbhele.
The central bank’s next annual general meeting is scheduled for 30 June 2011, when it celebrates its 90th birthday. - BuaNews
