Former South African President Kgalema Motlanthe and Governor Lesetja Kganyago at the launch of OR Tambo coins. Picture: NOKUTHULA MBATHA.
Former South African President Kgalema Motlanthe and Governor Lesetja Kganyago at the launch of OR Tambo coins. Picture: NOKUTHULA MBATHA.
The coins that were on display at the launch. Picture: NOKUTHULA MBATHA
The coins that were on display at the launch. Picture: NOKUTHULA MBATHA

JOHANNESBURG - Governor of the South African Reserve Bank (SARB) Lesetja Kganyago said on Wednesday that Oliver Reginald Tambo’s conduct was one of integrity and accountability.

Kganyago said in commemorating the birth centenary of Tambo, the SARB has launched a R5 coin honouring the anti-apartheid hero.

Speaking at the launch at OR Tambo Cultural Precinct in Benoni, Johannesburg Kganyago said: “The coins that are being launched today carry the integrity of the SARB”.

He said that SARB exists to serve the economic wellbeing of South Africans by protecting the buying power of the domestic currency, the bank notes and coins.

“The confidence that SA has in banknotes and coins is based on trust. SARB does its jobs without fear and favour. Our job is to protect the value of the currency. We must not erode public trust and confidence in the currency,” said Kganyago.

The coins that were on display at the launch. Picture: NOKUTHULA MBATHA

The new R5 coin, worth its face value, entered circulation from 1 of October 2017, the other collectable coins will be available from the South African Mint and authorised dealers from 27 October 2017, OR Tambo’s 100th anniversary.

The back of the coin features a neck badge and walking stick. The obverse depicts the national coat of arms, year of issue and South Africa written in English and Xitsonga.

”This is the first time that the South African Mint is releasing a non-circulating, collectible legal tender coin made from the same base metal used in other South African circulation coins”.

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“The design has gone through the same approval process as other legal tender commemorative coins and has been approved by the Cabinet and the minister of finance, which makes it legal tender,” explained Kganyago.

He said as the history of money globally shows when inflation walks through the door public trust in the currency jumps out of the window then banknotes and coins become nothing but worthless pieces of paper and metals.

“If a paternity test has to be conducted on our constitution you will find Tambo’s DNA,” said Kganyago. 

-BUSINESS REPORT ONLINE