##ness of economic growth in south africa is also being felt in many other parts of the world. while income inequality between countries has fallen over the past 20 years, amid a rising middle class in many emerging market economies, 2 within - country inequality has increased in many countries. 3 the recent rise in populist rhetoric internationally appears to be, at least in part, a reflection of rising inequality and a sense that economic gains are neither equally nor widely shared. this perception was exacerbated by the global financial crisis which, like many large crises, affected the poorest in society the worst. the power of inequality and perceived economic injustice as contributing factors towards political outcomes is being demonstrated in advanced and emerging 1 world bank. 2018. india – systematic country diagnostic : realizing the promise of prosperity : global economic prospects : the turning of the tide? washington, dc : world bank. 2 milanovic, b. 2012. ‘ global income inequality by the numbers : in history and now ’. world bank policy research working paper 6259. washington, dc : world bank. 3 atkinson, a, piketty, t and saez, e. 2011. ‘ top incomes in the long run of history ’. journal of economic literature 49 ( 1 ) : 3 – 71. page 2 of 12 economies alike. the consequences of these outcomes have been profound. in particular, decades of global economic integration, so widely held to be beneficial, are now at risk of being reversed. a key implication of this reaction is that the policies targeted at increasing gross domestic product ( gdp ) growth must also aim to be inclusive if they are to be sustainable in the long term. considering south africa ’ s challenges in moving to a more equitable economy, it is disconcerting to observe the notable moderation in the potential rate of growth over the past decade. part of this moderation can be attributed to the legacy of the global financial crisis and a lower level of growth in some of south africa ’ s export - partner economies. however, a significant share is self - inflicted, reflecting slow gains in productivity, policy uncertainty and a lack of investment in key sectors. at the current level of potential gdp growth – which the sarb estimates to be between 1. 0 % and 1. 4 % over the next three years – the economy is not able to generate real per capita income gains on a sustained basis. this is because population growth is currently at about 1. 6 % per year. 4 achieving a more equitable

on all the coins, the r1 coin features the national flag instead of the coat of arms. i want to emphasise that the upgraded banknotes and coin will have the same value as the current banknotes and coin in circulation, and i want to encourage the public to transact with them. cash plays a significant role in our lives ; it is the responsibility of the sarb to ensure that the public is protected by regularly revisiting its technical and security features, and to produce currency that is in line with global best practice, is credible and trusted. the currency was last upgraded in 2018 when enhanced security features on the nelson mandela centenary banknote series were added. internationally, it is regarded as best practice for central banks to upgrade the security features on 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 their currency annually, and tarnishes the credibility of a currency, thereby impacting negatively on the growth of an economy. banknotes and coin remain a critical payment instrument that provide south africans access to formal and informal markets. cash is familiar, inclusive and continues to be used across sectors of society. it is also considered to be a safe haven during times of crisis and is relied upon when other forms of payment are not as easily accessible. it is vital in the functioning of our economy. a public awareness campaign on the changes made to our currency is underway and will be in circulation from 4 may 2023. denominations of both the banknotes and coin will be introduced incrementally. the changes to the banknotes and coin can also been seen on the sarb currency app, which is free to download, and i urge you to do so. our banknotes and coin echo our rich and complex tapestry of history, heritage, people and culture. when you transact with the upgraded banknotes and coin, take a moment to reflect on the beautiful designs and how interconnected we are as a society and people. 3 / 3 bis - central bankers'speeches