Reserve Bank set to close EL office

THE Reserve Bank has decided to close its offices in East London, Port Elizabeth and Bloemfontein in line with a new strategy to reduce inefficiencies in its operations.

This follows the approval of a new cash management strategy by the Reserve Bank’s executive.

The new strategy aims to improve the efficiency with which banknotes and coins are supplied to, and collected from, the financial system.

“The approved strategy will introduce significant changes to the current functioning of the cash supply chain, including a reduction in the physical branch infrastructure, which will result in the closure of the SARB’s Bloemfontein, East London and Port Elizabeth branches by the end of 2017,” the bank’s head of communications Jabulani Sikhakhane said.

“Engagement with staff members and the trade union will continue throughout the implementation process, with the aim of minimising the impact on staff resulting from the changes,” he added. — TMG