SARB celebrates 100 years after issuing of first banknote
The South African Reserve Bank (SARB) says Tuesday, April 19, 2022 marks 100 years since it issued its first banknotes.
The banknotes were issued ten months after the SARB was established on June 30, 1921. Prior to that, South Africa had no monetary authority; however, commercial banks were responsible for issuing banknotes into circulation.
From April 19, 1922, the SARB was granted the sole authority to produce, issue and destroy South African currency and it is entrusted with ensuring the availability and integrity of the South African currency.
“The SARB has invested significantly in the currency’s design and security features to protect the public from counterfeiting and our banknotes are highly regarded globally. The security features embedded in South Africa's currency represent the most innovative advancements in global design and technology,” the central bank says.
“For South Africa, its currency is a symbol of national pride and reflects the country’s cultural heritage, economic industries and the Big Five animals.”
In 1961, the rand replaced the South African pound. The rand takes its name from the Witwatersrand (white waters’ ridge), where most of South Africa's gold deposits were found in Johannesburg.
“From time to time, the SARB issues banknotes and coin to commemorate key events or milestones in the country. In 2018, the SARB was the first central bank to issue commemorative banknotes on all five denominations. These commemorative banknotes and coin are placed into circulation for everyday use and maintain their face value,” SARB says.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation