Lesetja Kganyago: Nelson Mandela commemorative banknotes and R5 circulation coin launch

Address by Mr Lesetja Kganyago, Governor of the South African Reserve Bank, at the Nelson Mandela commemorative banknotes and R5 circulation coin launch, Pretoria, 13 July 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Honourable Ministers

Esteemed guests

My fellow South Africans

It is both a pleasure and a privilege to welcome all of you to Freedom Park on this very special day.

For the first time in its history of nearly 100 years, the South African Reserve Bank (SARB) is launching commemorative banknotes, besides a third commemorative R5 circulation coin, in honour of our first democratically elected President, the late Nelson Rolihlahla Mandela, fondly known to many South Africans as 'Madiba or simply Tata'.

As the first President of our democratic era, Nelson Mandela promoted reconciliation, led our reintegration into the global economy, strengthened the framework for macroeconomic management, and ushered in our new constitution. One of the

founding principles of the constitution is the establishment of an independent central bank, whose objective it is to protect the value of the local currency in the interest of balanced and sustainable economic growth.

While many of us are familiar with commemorative items such as stamps and other memorabilia, it has become tradition among central banks to issue commemorative banknotes and/or coins on a significant date to honour a place, an event, a person or an object.