A Good Year for South Africa’s Producers

In its annual report for 2022-23, the South African Reserve Bank (SARB) has provided details of the financial performance of its minting and banknote printing subsidiaries South African Mint (SAM) and South African Bank Note (SABN).

Both achieved their targets for the year, with SARB spending R 28 billion on coin and note production. A significant milestone, culminating this May, was the production of an upgraded banknote series and a new coin series.

SAM achieved EBITDA of R 188.7 million, against a budget of R 83 million, an increase of 58% over the previous year. Including its subsidiary Prestige Bullion (which manufactures and sells bullion coins and in which it increased its stake from 60% to 80%), it contributed profit before tax of R 683 million to SARB, compared with R 777 million in 2021.