South African reserve Bank affected by the economic crisis

By Khanyisa Tabata
17 September 2009

Governor of the South African Reserve Bank, Tito Mboweni says the bank was affected by the global financial crisis in the last financial year.

The meltdown affected the South African banking environment during the 2008 and the first half of this year with the decline in the rate of growth in loans and advances.

According to reports Mboweni said this was despite the bank’s total assets increasing from R300 billion at the end of March 2008 to R344 billion at the end of March 2009.

Mboweni said there were hesitant signs of South Africa’s recovery from the recession.

Meanwhile, in a further bid to combat counterfeiting, a process to introduce a new series of banknotes and coins, with new themes and improved security features, has been initiated.

It is envisaged that the new currency will be launched by mid 2013.