South African Reserve Bank Branches No Longer Open to the Public

The South African Reserve Bank (SARB) is to close its Durban, Cape Town and Johannesburg branches to the public.

In August last year, Reserve Bank Governor Lesetja Kganyago announced developments in the bank’s cash management strategy and proposed changes in the bank’s operations.

The proposed changes are intended to improve efficiency, reduce risks and achieve the Reserve Bank’s 2020 strategy. The bank says the changes are essential if it is to meet its strategic objectives and ensure the long-term sustainability of its currency management function.

“As part of the changes, the SARB has announced that as from 1 January 2018, the 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,” said the Reserve Bank on Monday.

The central bank said the three branches will be converted to cash centres.

Exchange of notes

Meanwhile, the bank has made provision for the public to go to selected commercial bank branches to exchange mutilated notes and old series notes.

The public can visit the bank’s website (www.resbank.co.za ) from 2 January 2018 for a list of selected commercial bank branches that will perform these functions.

Sales of Krugerrands can be done at the Reserve Bank head office in Pretoria central and at SA Mint accredited dealers, which can be found on: www.samint.co.za/collectable-coins/authorised-dealers/. – SAnews.gov.za