The South African Reserve Bank (SARB) is set to close its Durban, Cape Town and Johannesburg branches to the public as part of its new cash management strategy.
In August last year, Reserve Bank Governor Lesetja Kganyago announced developments in the bank’s cash management strategy and proposed changes in the bank’s operations.
The proposed changes are intended to improve efficiency, reduce risks and achieve the Reserve Bank’s 2020 strategy. The bank says the changes are essential if it is to meet its strategic objectives and ensure the long-term sustainability of its currency management function.
“As part of the changes, the SARB has announced that as from 1 January 2018, the SARB Durban, Cape Town and Johannesburg branches, including head office, will not be open to the public. This follows the closure of the Port Elizabeth, East London and Bloemfontein branches,” said the Reserve Bank on Monday.
The central bank said the three branches will be converted to cash centres.