Johannesburg - The agency responsible for printing the currency of South Africa and other southern African countries has suspended an official for possible technical flaws in producing notes under his watch, it said on Sunday.
The Sunday Independent Newspaper had reported that the South African Bank Note Company may have printed Zambian kwacha and Namibian dollar notes in a way that compromised their quality.
"The South African Reserve Bank has become aware of certain issues within the technical operations of the South African Bank Note Company (SABN) and has addressed these matters," it said.
"Necessary corrective action has been taken to address the problem," it said, without giving further detail.
The paper said the suspended managing director had not maintained proper control printing the currencies of Zambia and Namibia, failed to deliver the correct quantities of notes and did not make deliveries on the correct dates.
The paper said no problems were found in the production of South African notes.
SABN said: "South Africa's bank notes are produced to the highest international security standards. The South African Reserve Bank has complete confidence in their integrity."
http://www.fin24.com/Business/Official-suspended-over-flawed-bank-notes-20101115