lesetja kganyago : launch of south africa's upgraded banknotes and fourth decimal coin series address by mr lesetja kganyago, governor of the south african reserve bank, at the nelson mandela foundation, johannesburg, 3 may 2023. * * * i would like to thank the chief executive of the nelson mandela foundation, sello hatang, for co - hosting today's event, and to welcome the deputy minister of finance, david masondo ; the minister of basic education, angie motshekga ; former governor tito mboweni ; former deputy governors ; our esteemed guests and members of the media. six days ago, on 27 april, south africa celebrated 29 years of democracy. this year we mark the 10th anniversary of the passing of former president nelson mandela who signed the country's constitution into law in 1996 in sharpeville, johannesburg. the constitution bestows a great responsibility on the south african reserve bank ( sarb ) in building the country's economy. it reads : " the primary object of the south african reserve bank is protect the value of the currency in the interest of balanced and sustainable economic growth in the republic ". moreover, " in pursuit of its primary object, [ the sarb ] must perform its functions independently and without fear, favour or prejudice. it also states that " there must be regular consultation between the bank and the cabinet member responsible for national financial matters ". i am pleased to say that consultation between myself and the finance minister and our respective teams has been regular and meaningful. consultation about the upgraded banknotes and fourth decimal coin series that we are introducing here today has also been fruitful and is the culmination of years of engagement with our key partners in the public and private sectors. these include the department of sport, arts and culture ; the south african national council for the blind ; the society for the blind ; the pan south african language board ; the south african national biodiversity institute ; and various industry bodies. these partnerships have contributed to ensuring that the features on our banknotes and coin are relevant and reflect our culture and heritage. equally important are the south african mint company, where our coins are minted, and the south african bank note company, where we print our banknotes. these subsidiaries of the sarb perform a critical function in the management of currency through its life cycle - from design to manufacturing, distribution and circulation, and finally destroying it once it has been taken out of circulation. timeline of our

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