SA not outsourcing printing of bank notes, says Reserve Bank governor

Lesetja Kganyago says the bank is ensuring that an international company can print South Africa’s bank notes if the need arises.

Picture: Supplied.

JOHANNESBURG – Reserve Bank Governor Lesetja Kganyago says the country is not outsourcing the printing of banknotes but it is ensuring that an international company can print South Africa’s bank notes if the need arises.

Questions have been raised about why South Africa’s bank notes are not being printed by a local company.

Kganyago says this is not the case as all notes are printed at a factory here in the country.

However, Kganyago says he doesn’t know of another South African company that has the capability to do so and they need a back-up plan, in case the current printing factory is experiencing operational problems.

“A call for proposals from a number of global notes printers shouldn’t be limited to print notes with you. We’d like to know that you’ve got the correct paper, that you’ve got the correct ink and all that stuff.”

SOUTH AFRICANS 'TALK TOO MUCH'

Meanwhile, President Jacob Zuma says ratings agencies have been paying more attention to South Africa because “we talk too much”.

And he says when that happens it impacts the economy.

“Because in South Africa we raise things, we talk too much, that’s why they pay attention. I think we're very big and so vocal in the sense and call my attention because naturally in other countries they will look for economic kind of conditions.”

The president was was speaking on Thursday night on SABC radio.