Pretoria - Commemorative R5 coins in celebration of the 90th Anniversary of the South African Reserve Bank go into circulation today.
The front of the coin contains South Africa's Coat of Arms, while the back depicts a theme comprising the motif of St George and the dragon which was used on British gold sovereigns and crowns from 1817 until now. The coin also reflects the theme of the R5 coin, which celebrated former President Nelson Mandela's 90th birthday.
Also, the Natura coin reflecting the black rhinoceros is included to highlight the plight of rhino at the hands of poachers, as well as the 20 cent coin reflecting the king protea, which is one of the country's national symbols. It also depicts the farthing, in use from 1923 to 1960, which depicts two sparrows on a mimosa branch. The coin also sports the third Governor, Dr M H de Kock, who was in office from 1 July 1945 to 30 June 1962.
Head of strategy and communications at the Reserve Bank, Hlengani Mathebula, said five million coins have been minted and will go into circulation today.
Commenting on the celebrations of the Bank, Deputy President Kgalema Motlanthe said that since the dawn of democracy, businesses have expanded when investment accelerated a significant amount of new jobs were created. He added that with the advent of the global economic crisis in 2008, some gains made by the country were reversed, causing job losses and business failures.
"Fortunately much of that economic slowdown is in the past. Our level of production in the economy today is higher than it was before the crisis. Our fiscal and monetary policies are supportive of stronger sustainable economic growth at present and for the medium term. Our challenge is to avoid new risks that are surfacing in the global economic environment and to move forward with efforts to grow the economy more rapidly and to create millions of new jobs," said the Deputy President.
Monetary policy cannot be expected to be the driver of "long run growth in the economy", where structural interventions are needed to achieve a sustained increase in the country's growth potential.
"South Africa desperately needs faster, sustained growth in order to tackle its critical socio-economic challenges of poverty and high unemployment, particularly among younger and less skilled individuals."
He said making energy, logistics and communications networks accessible, cost-effective, efficient and reliable will stimulate private investment, exports and raise the country's potential for growth, while improving the infrastructure for bulk freight is also an important intervention.
Motlanthe said competition authorities have an important role to play to prevent the abuse of market power and for economic integration.
"The unintended consequence of unbalanced application of competition laws also means that the South African companies will remain vulnerable to hostile take-overs by foreign companies.To avoid this negative economic development merges among South African companies should be favourably considered to create sufficient capital base and capacity to play competitively, globally."
The Deputy President also expressed concern at youth unemployment. "What is needed is faster growth, improved education outcomes, and a comprehensive set of short-term and long-term reforms that maximise job creation."
"In celebrating the 90th anniversary of the South African Reserve Bank, we recognise the contribution this institution can make to the future of our country, by ensuring a low inflation environment conducive to sustainable economic growth. In pursuing this mandate, we expect the Bank to act without fear, favour or prejudice."
