Cape Town - The SA Reserve Bank (SARB) on Monday announced that from January 1 next year its branches in Durban, Cape Town and Johannesburg would no longer be open to the public.
The bank’s branches in Port Elizabeth, East London and Bloemfontein had already been closed to the general public.
“The proposed changes are intended to improve efficiency, to reduce risks and to achieve the Reserve Bank’s 2020 strategy,” SARB said in a media statement. “Changes are essential if the SARB is to meet its strategic objectives and to ensure the long-term sustainability of its currency management function.”
One of the bank’s roles was to exchange old or mutilated banknotes.
From January 2 2018, SARB said it would publish a list of selected commercial banks on its website where these notes could be exchanged.
It added that the sale of Krugerrands would continue at the SARB’s head office in Pretoria or at any SA Mint accredited dealer.