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

eight millennium development goals ( mdgs ). the mdgs constitute a developmental framework with time - bound goals and targets for measuring progress, and have since been embraced by all development institutions across the globe. by 2015, the mdgs seek to, among a range of other things, halve poverty, halt the spread of hiv / aids, provide universal primary education, reduce by half the proportion of people without sustainable access to safe drinking water and the proportion of people who do not have access to basic sanitation. the un ’ s millennium development goals report ( 2006 ) shows significant progress towards the attainment of the mdgs. it also shows that we still have a long way to go. unfortunately, with half of developing country populations still lacking basic sanitation, the world is unlikely to reach its target. nevertheless, according to the report, between 1990 and 2004, sanitation coverage in the developing world increased from 35 to 50 per cent. this meant that 1, 2 billion people gained access to sanitation during this period – 300 million less than the requirement to meet the target. the report sees the world as being on track to reach the drinking water target with as many as 81 per cent of people in the developing world having access to improved sources of drinking water in 2004. this can be compared to 71 per cent in 1990. however, issues such as population growth and the urban - rural divide pose challenges going forward. in parts of sub - saharan africa, for example, urban dwellers are twice as likely to have safe water as those in the countryside. 3. south africa and the mdgs and how does south africa compare? according to the triennial world water development report ( 2006 ) of the united nations, 19 per cent of the south african population still lack access to safe water, and 33 per cent lack basic sanitation services. public institutions also suffer from a lack of access to safe water and sanitation services : 59 per cent of all schools ( over 16 000 ) and clinics ( over 2 500 ) lack access to acceptable sanitation facilities, while 27 per cent of all schools ( over 7 500 ) and 48 per cent of all clinics ( over 2 000 ) lack access to safe water supplies. the report also cites the occurrence of water - related epidemics and diseases such as diarrhoea, cholera, dysentery, hepatitis and bilharzia. in 2004, there were 2 780 cholera infections with 35 fatalities and 9 503 hepatitis a infections with 49 fatalities. these diseases significantly affect the economic productivity