MIDRAND – Following the sudden drop in the value of the rand to the dollar, the South African Reserve Bank announced that new bank notes will now be printed on recycled paper.
The rand slumped to a five-year low as it weakened past the 11 per dollar mark for the first time since October 2008.
The Reserve Bank foresees that a reduction in the cost of producing new bank notes will increase the profit potential of buying South African currency, thereby improving its value to the dollar.
“If we make money cheaply you’ll get more out of it,” said Reserve Bank Governor Gill Marcus. “If you get more from it, it’s more valuable to you, and if it’s more valuable to you, it will become more valuable to the dollar.”
Furthermore, the Reserve Bank hopes that the new eco-friendly green image of the…
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