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South Africa Has Issued Faulty Bank Notes, Independent Says

The South African Bank Note Company, a unit of the country’s central bank, has circulated large quantities of defective 100 rand ($15) notes, bearing the signatures of the bank’s Governor Gill Marcus and her predecessor Tito Mboweni, the Sunday Independent reported, citing unidentified sources.

The defects, which were caused by faulty printing machines, were uncovered in May following an internal investigation, the Johannesburg-based newspaper said. While the central bank hasn’t recalled the notes, it has requested that commercial banks exchange them for ones with the correct security features, the Sunday Independent said.

Hlengani Mathebula, the central bank’s spokesman, didn’t immediately respond to a message left on his mobile phone.

Last month, the central bank said the managing director of the South African Bank Note Company had been suspended following the discovery of “issues” in its technical operations.

“South Africa’s bank notes are produced to the highest international security standards,” the bank said in a Nov. 14 statement on its website. “The South African Reserve Bank has complete confidence in their integrity.”

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