SA Reserve Bank in PE closes doors to public

THE Port Elizabeth branch of the South African Reserve Bank (SARB), which occupies a historic building behind the City Hall, is now officially closed to the public.

The Reserve Bank said its new operational strategy was aimed at improving the efficiency with how banknotes and coins were supplied to and collected from the financial system‚ which was one of the bank’s key functions.

SARB communications manager Zamandlovu Ndlovu said the East London branch would also eventually be closed.

“However, whilst the bank is putting in place the alternative, long-term solution to provision of these services, members of the public can go to the East London branch for the required services.

“The East London branch will remain open to the public up to December 30, after which alternative arrangements will be in place.”

Ndlovu said the bank did not foresee any major impact on customers as the number of members of the public who used the bank’s services was very low.

“The public services rendered by the branch tellers at the SARB branches are transactions that include the exchange of all old series banknotes including the pre-2005 R200 denomination withdrawn from circulation, the exchange of mutilated banknotes and purchasing of gold coins from customers.

“It is important to state that the volumes of transactions at the SARB branch tellers are very low, and it is therefore not anticipated to have a significant impact on customers.”

Ndlovu said the PE Reserve Bank building, which was constructed in 1940 and boasts a striking front door depicting the signs of the zodiac by sculptor Robert Bain, was owned by the SARB which was assessing the best way to dispose of the property.