Commercial banks to exchange banknotes

The South African Reserve Bank (SARB) has released the list of commercial bank branches that will be able to exchange mutilated banknotes and those that have been withdrawn from circulation.

From 1 January 2018, the public will no longer be able to exchange mutilated banknotes and banknotes withdrawn from circulation at the South African Reserve Bank (SARB) branches in Cape Town, Bloemfontein, Cape Town, East London, Johannesburg and Port Elizabeth.

These services will now be available at a selected number of commercial banks in these cities from 1 February 2018, said the central bank on Wednesday.

Members of the public will still be able to exchange banknotes at the SARB head office in Pretoria central or through two branches of ABSA.

Those wanting to sell Kruger Rands can still do so through the SARB head office in Pretoria. Alternatively, they can do so at authorised coin dealers, a list of which can be found at www.samint.co.za/collectable-coins/authorised-dealers.

Earlier this month the central bank announced that it would be closing its three 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.

The public will now be able exchange their notes at the following branches:

-          SAnews.gov.za