17 February 2016

South Africa: Reserve Bank Working With Zim Authorities On Consignment Release

Pretoria — The South African Reserve Bank (SARB) is working with authorities to have a consignment of bank notes released after the plane transporting it was detained.

"The SARB is aware of an aircraft carrying a SARB consignment that stopped in Harare and was detained following the discovery of an unidentified body that is presumed to be a stowaway on the aircraft.

"The SARB is working with the relevant authorities to ensure that the cargo is released and transported to South Africa," said the Group Executive of the Currency Cluster at the bank, Pradeep Maharaj.

Media reports are that the plane was impounded in Harare, Zimbabwe, on Sunday. The plane had been travelling from Munich, Germany. A body was found in the plane's cargo hold.

"The SARB, in the normal course of its currency operations, adheres to sound business practices and has business contingency planning arrangements in place to secure a continued supply of banknotes to the economy.

"These arrangements are put in place to mitigate any major disruption in the domestic banknote operations," said Maharaj.

The bulk of the annual production of banknotes is done locally in South Africa and a small percentage is done offshore as part of the contingency plans of the SARB.

"The aircraft currently detained at Harare Airport is carrying a consignment of South African banknotes that was produced overseas as part of the SARB's annual production plan," said Maharaj.

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