JOHANNESBURG - Governor of the South African Reserve Bank (SARB)
Lesetja Kganyago said on Wednesday that Oliver Reginald Tambo’s conduct
was one of integrity and accountability.
Kganyago said in
commemorating the birth centenary of Tambo, the SARB has launched a R5 coin
honouring the anti-apartheid hero.
Speaking at the launch at OR
Tambo Cultural Precinct in Benoni, Johannesburg Kganyago said: “The coins
that are being launched today carry the integrity of the SARB”.
He said that SARB exists to
serve the economic wellbeing of South Africans by protecting the buying power
of the domestic currency, the bank notes and coins.
“The confidence that SA has
in banknotes and coins is based on trust. SARB does its jobs without fear and
favour. Our job is to protect the value of the currency. We must not erode public
trust and confidence in the currency,” said Kganyago.
The coins that were on display at the launch. Picture: NOKUTHULA MBATHA The new R5 coin, worth its
face value, entered circulation from 1 of October 2017, the other collectable
coins will be available from the South African Mint and authorised dealers from
27 October 2017, OR Tambo’s 100th anniversary.
The back of the coin
features a neck badge and walking stick. The obverse depicts the national coat
of arms, year of issue and South
Africa written in English and Xitsonga.
”This is the first time that
the South African Mint is releasing a non-circulating, collectible legal tender
coin made from the same base metal used in other South African circulation
coins”.
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“The design has gone through
the same approval process as other legal tender commemorative coins and has
been approved by the Cabinet and the minister of finance, which makes it legal
tender,” explained Kganyago.
He said as the history of
money globally shows when inflation walks through the door public trust in the
currency jumps out of the window then banknotes and coins become nothing but
worthless pieces of paper and metals.
“If a paternity test has to
be conducted on our constitution you will find Tambo’s DNA,” said Kganyago.