Reserve Bank closing Port Elizabeth office

The Reserve Bank has decided to close its offices in Port Elizabeth in line with a new strategy to reduce inefficiencies.

Two other offices – in East London and Bloemfontein – are also being closed.

The bank’s executive approved a new cash management strategy earlier this month.

The new strategy aims to improve the efficiency with which banknotes and coins are supplied to and collected from the financial system‚ one of the key functions of the Reserve Bank.

“The approved strategy will introduce significant changes to the current functioning of the cash supply chain‚ including a reduction in the physical branch infrastructure‚ which will result in the closure of the SARB’s Bloemfontein‚ East London and Port Elizabeth branches by the end of 2017‚” the bank’s head of communications Jabulani Sikhakhane said on Monday.

“Engagement with staff members and the trade union will continue throughout the implementation process‚ with the aim of minimising the impact on staff resulting from the changes‚” he added.

Sikhakhane said the bank had informed its employees and their representative trade union‚ Sasbo‚ about two weeks ago of the pending office closures.

Between August 2016 and March 2017‚ the bank had engaged with its staff members and their representative trade union on the proposed strategy.

- TMG Digital/BDLIVE