What is the main function of the South African Reserve Bank?

What is the main function of the Reserve Bank?

The Reserve Bank’s responsibilities include formulating and implementing monetary policy, promoting financial stability, issuing banknotes, providing banking services to government, operating the high-value payments system, managing Australia’s foreign reserves and setting payments system policy.

Which bank buys Mandela coins?

Does the Reserve Bank buy Mandela coins? The South African Reserve Bank only buys gold coins accepted as legal tender, including Krugerrands, Natura range, and Protea range. If you were wondering where to sell old coins in Pretoria or any other place, you know the answer now.

Where do they make money in South Africa?

The South African Bank Note Company (SABN) is a South African security printing company responsible for the printing of the South African Rand.

South African Bank Note Company.

Industry Printing
Headquarters Pretoria, Gauteng
Products Bank notes
Parent South African Reserve Bank
Website [1]

What Colour is R100?

The denomination value of the banknote on the front bottom right is printed in colour-changing ink. When the R50 or R100 banknote is tilted, it changes colour from green to gold. On the R200 the colour changes from magenta to green.

Do South African banks accept torn notes?

Mopai referred to the South African Reserve Bank Act 90 of 1989, section 14 (4) that states “The Bank shall not be obliged to make any payment in respect of a torn banknote or a banknote which, in the opinion of the Bank, is mutilated and which may be tendered to it, but may, in its discretion, make a payment in …

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