Money printing in South Africa

The South African Bank Note Company, was established in 1958 as a result of a decision by the South African Government to print South African currency locally. The South African Reserve Bank formed a joint venture with Bradbury Wilkinson and Company and commenced production from a factory in Pretoria.

How is money made South Africa?

The SA Mint makes its money from manufacturing the country’s legal-tender coins, and collectible gold and silver coins. Through its joint venture with Rand Refinery Proprietary Limited, SA Mint also produces and sells bullion Krugerrand coins for domestic and international markets.

How much did the South African Reserve Bank (SARB) make in 2021/22?

The South African Reserve Bank (SARB), saw a reduced profit before tax last year – but still made R672 million from making money. The company managed to produce the central bank’s full order of 811 million coins, but saw pre-tax profits plummet from a previous R2.2 billion, in the year to the end of March. The SA Mint makes its money from manufacturing the country’s legal-tender coins, and collectible gold and silver coins. Through its joint venture with Rand Refinery Proprietary Limited, SA Mint also produces and sells bullion Krugerrand coins for domestic and international markets.

How much money can you legally keep at home South Africa?

In South Africa, there are limits on the amount of currency you can bring. In terms of cash in South African Rand (ZAR), the limit is 25,000ZAR. For combinations of cash in other currencies, the limit is US$10,000 (or equivalent). Take note, you are required to declare any amount higher than this on entry to South Africa.

Which company prints money in South Africa?

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.

Who owns South African economy?

The state-owned enterprises of South Africa play a significant role in the country’s economy, with the government owning a share in around 700 SOEs involved in a wide array of important industries.

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Is it illegal to destroy money in South Africa?

Yes. It is officially, an offence to use or knowingly have in your possession any material whatsoever upon which has been engraved or marked any such words, figures, letters, marks, lines or devices. It is a crime to destroy, melt down, dissolve, break up or damage any coin.