SPEECH AS DELIVERED ON THE 7TH FEBRUARY 2005 TO THE FINANCE COMMITTEE, PARLIAMENTARY MONITORING GROUP, CAPE TOWN
The South African Bank Note Company is one of the two manufacturing subsidiaries of the South African Reserve Bank, the other one being the South African Mint Company. The South African Bank Note Company is situated in Pretoria North and our main client is the South African Reserve Bank to whom we supply the country’s banknotes. We specialise in printing banknotes, even though we sometimes do other security printing work.
We are one of eight banknote printing works that exist on the African continent and are the only one that does commercial printing i.e. the printing of banknotes for clients other then the owner. Our standards are world class and we compete amongst others with countries like Great Britain, France and Germany. We are currently focusing on the SADC countries and other countries on the African continent.
The South African Bank Note Company has an excellent relationship with world known paper suppliers. Sometimes these suppliers also compete with us in the African markets. This is due to the fact that there are no paper mills in Africa and there is also excess paper making and printing capacity overseas.
The South African Bank Note Company also plays a major role in advising the South African Reserve Bank and the other countries about the latest developments on security features.
The Company has recently done trial runs on printing on polymer and is currently working towards accreditation by Seccurency, who supply the polymer substrate. We are preparing ourselves should there be a requirement from any Central Bank that we print their banknotes on this alternative substrate.
We are working towards being the number one bank note printer in Africa and accordingly would appreciate the most extensive exposure possible. The details of how the Company goes about the printing of money are available on the corporate video (of which a copy is attached) as shown during my presentation.
We are in the process of developing a new corporate video and a website which, for information purposes, should be completed before the end of March 2005.
MUSAWENKOSI VULINDLELA MBHELE
Deputy Managing Director
South African Bank Note Company (Pty) Ltd.
Tel: (012) 521 1247
Fax: (012) 521 1298