was considered as a design that would be acceptable to all south africans. the currency was last upgraded in 2005 when enhanced security features on the “ big five ” banknote series were added. internationally, it is regarded as best practice for central banks to upgrade the security features of their banknotes every six to eight years. this is to combat counterfeiting, which diminishes the value of real money, robs countries worldwide of billions of rand annually, and tarnishes the credibility of a currency, thereby impacting on the growth of that economy. one of the responsibilities of the south african reserve bank is to protect the value and integrity of the south african currency. through this comprehensive communication campaign, we want to ensure that all our citizens and organisations familiarise themselves with the look and feel of the new banknotes, and reinforce the culture of knowing our money. i also want to emphasise that the current notes remain legal tender and are of equal value to the new note. so whether you have the existing r200 note or a r200 mandela note, they are both worth the same. this is the launch of the communication campaign about the new banknotes, which we plan to introduce into circulation before the end of this year. the date on which these notes will be available and co - circulate with the current note for a while will be made public in due course. bis central bankers ’ speeches before then, much remains to be done and the sarb team is hard at work with many of you to make this happen in a seamless manner. i would like to thank all our partners : the cash industry, including commercial banks and cashin - transit companies ; the retail sector ; government departments ; the society for the blind ; and the pan south african language board for their sound support and willingness to a play an important role in informing the broader south african public about the country ’ s new banknote series. we will now share with you the details and roll - out of the new banknote communication campaign. through the campaign we hope to reach all south africans and ensure that they are aware of the new banknotes and, more importantly, that they can recognise and become familiar with the key security features. thank you. bis central bankers ’ speeches

##ught with uncertainties. 3. new zealand was assisted by significant stimulus something that has marked out this global crisis as compared with the 1930 ’ s great depression is that we have learned the importance of government policy stimulus being applied early, forcefully and consistently. while still too early to be definitive, economists generally see government stimulatory policies as having been quite successful in stemming the recession. of course long - term outcomes cannot be judged until we see how successful countries are at exiting their stimulus without long - term costs. new zealand like australia has been fortunate in several respects : the crisis did not hit deep, the financial sector stayed broadly sound, and recovery is being helped by strong commodity markets. that has meant we did not have to stimulate the new zealand economy by anything like the levels in europe and the us. nevertheless we have just been through the biggest co - ordinated stimulatory programme involving monetary policy, fiscal policy, liquidity assistance and government guarantees since world war ii. these look to have been relatively effective in their timing and design, and are not expected to have left big public costs behind. the graph of gdp shows that the new zealand economy went in to recession in q1 2008, although this was initially triggered by an unusually - severe drought, rather than the global financial crisis. the figure also summarises the main stimulus measures that were put in place, together with another important market insulator, the exchange rate reaction during the crisis. it shows that many of the measures were implemented fairly quickly. the economy contracted 3. 4 per cent over the period, reaching a trough around march 2009, and back to fragile growth later in the year. by the time we received the last quarter 2009 gdp data we were in a position to say that recovery was firming and we would need to exit much of the stimulus. most but not all of the special liquidity measures have now been terminated, leaving conventional monetary policy to guide the stages of recovery. note : fiscal policy stimulus defined as significant increase in fiscal impulse measured, new zealand treasury in half - year economic and fiscal update, december 2009. exchange rate depreciation is the major fall in the new zealand twi from march 2008 to march 2009. very stimulative monetary policy refers to the major reduction in ocr from 8. 25 per cent to 2. 5 per cent followed by a conditional undertaking to hold the rate low. retail deposit guarantee refers to the original scheme, terminating in december 2011. the extended scheme