/ 31 May 1999

SARB READY FOR MILLENIUM

THE South African Reserve Bank announced on Friday that it is Y2K compliant, allaying fears that the country’s premier financial institution could fall foul of the millenium bug. It also said it was confident the overall banking sector is prepared for the change-over into the 21st century. But should there be a rush for cash, SARB would ensure that “adequate stocks of banknotes” are available. The Bank also appealed to businesses and individuals to use the extra New Year holidays — brought about because of the Y2K dilemma — to ensure their technology is operating properly. The SARB added its programme for compliance also covers the South African Multiple Option Settlement System, the backbone of the banking sector’s payment and settlement infrastructure.