Reserve Bank Governor on outsourced printing of bank notes and 2017 predictions

South African Reserve Bank Governor Lesetja Kganyago clarifies the Reserve Bank's decision to get other countries to print South African bank notes.

Kganyago says the Reserve Bank is obliged by law to print banknotes.

He says international companies were asked to print banknotes as part of risk management.

We had to do contingencies, and we asked ourselves should a factory get affected by fire and we can't print bank notes, what contingency plans do we put in place? And the contingency we put in place was to call for proposals from a number of global note printers.

Lesetja Kganyago, South African Reserve Bank Governor

And said to them: should we need to print banknotes with you, we would like to know that you have correct paper, correct ink and that you have stored them.

Lesetja Kganyago, South African Reserve Bank Governor

We then took a decision as part ensuring that there is continuous supply of notes in South Africa, we will then ask number of printers to ask 10% of notes for us.

Lesetja Kganyago, South African Reserve Bank Governor

We did that as part of our own risk management.

Lesetja Kganyago, South African Reserve Bank Governor

Kganyago also weighed in on the economy outlook for 2017.

Our projection for growth is just over 1%.

Lesetja Kganyago, South African Reserve Bank Governor

It's no doubt that 2017 will be better than 2016. Part of it is that global economy is expected to grow faster than last year.

Lesetja Kganyago, South African Reserve Bank Governor

Listen to the full interview below...


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