SARB is undertaking a CBDC feasibility study. The Bank for International Settlements (BIS) defines a CBDC as a purely digital banknote that could be used by individuals to pay businesses, shops or each other (called a 'retail CBDC'), or between financial institutions to settle trades in financial markets (called a 'wholesale CBDC'). In the context of SARB’s current CBDC feasibility study, it could be considered as “smart cash” with unique attributes enabled by its digital form. What is a central bank digital currency (CBDC)?Ī CBDC can be defined as a form of money that is denominated in fiat currency (central bank money), in an electronic form, and which is a liability on the central bank’s balance sheet similar to cash and central bank deposits. The easy to navigate, relevant and engaging content of the SARB Currency App brings the right balance of excitement and learning to its users. The multi-levelled mini-game, ZAR Mania, simulates a macroeconomic effect, on both a business and cash-handling level, while dealing with transactions. The interactive features of the app illustrate how to authenticate banknotes and coin, while various animations cover a range of fascinating topics to help users tackle big questions about the economy and currency-related issues. The SARB Currency App takes users on a journey of discovery by raising awareness about South African banknotes and coin and the role of the SARB. It also contains provisions relating to the mutilation, reproduction and counterfeiting of South African banknotes and coin.Įxplore, play and discover our currency through the SARB Currency App The SARB Act 90 of 1989 provides for the legal tender status of the banknotes and coin issued by the SARB.

The Currency Management Department works with the South African Mint Company (RF) Proprietary Limited (SA Mint), which mints coins, and the South African Bank Note Company (RF) Proprietary Limited (SABN), which prints banknotes. In 1996 the mandate of the SARB was expanded to include price stability maintenance, one of its main functions remains ensuring a sufficient supply of trusted banknotes and coin. The rand is legal tender in the Common Monetary Area, which includes, eSwatini, Lesotho and Namibia. It takes its name from the Witwatersrand – the ridge on which Johannesburg is built and where most of South Africa’s gold deposits were found. The rand has been legal tender in South Africa since 1961, when it replaced the pound. The first banknotes were issued by the SARB on 19 April 1922. The SARB was established on 30 June 1921 to issue, distribute and destroy banknotes and coin. The SARB has the sole authority to produce, issue and destroy South African currency, and is entrusted to ensure the availability and integrity of the South African rand.

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