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If Banknotes and Coins Were Withdrawn What Would be Next?

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SARB not withdrawing banknotes, coins

The South African Reserve Bank (SARB) has warned the public that it is not withdrawing banknotes and coins due to the Coronavirus (COVID-19) outbreak.

This came amid fake news circulating on social media involving a scam claiming that it is “recalling” money from the public.

“It is believed that criminal elements are visiting the homes of members of the public telling them to hand over banknotes in their possession because the banknotes have been contaminated with the Coronavirus,” said the SARB.

The central bank said the criminal elements carry fake SARB identification and provide false receipts in lieu of the banknotes “collected” which they purport can be collected from any of the banks.

“The SARB has neither withdrawn any banknotes or coins, nor [has it] issued any instruction to hand in banknotes or coins that may be contaminated with the COVID-19 virus,” the SARB said in a statement.

The SARB said it will not, under any circumstances, send employees or representatives to collect cash from the public.

“If members of the public are approached by individuals purporting to be SARB employees or representatives, to hand in their cash, they should refuse and contact local police. There currently is no evidence that the COVID-19 virus is transmitted through the use of banknotes and coins. The SARB continues to encourage members of the public to follow basic hygiene practice and clean their hands often,” said the SARB. – SAnews.gov.za

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Alan Straton

Chief Cook, Bottle Washer and Broom Mechanic at MyPE
Passionate about Port Elizabeth and definitely NOT packing for Perth. Alan's ethos is epitomised in the words of Nelson Mandela; "I have fought against white domination and I have fought against black domination. I have cherished the idea of a democratic and free society. If need be, it is an ideal for which I am prepared to die." See more articles by Alan.