Last month that value was almost 913 billion euro, with around one-quarter of that value circulating outside the euro area, notably in its neighbouring regions. The euro is in fact being increasingly used as a global currency and its banknotes have been circulating inside and outside Europe with ease. With 15.7 billion of them in circulation, euro banknotes are a success story.
In pursuing this goal, the Financial Sector Regulation Act 9 of 2017 (FSR Act) confers on the SARB an explicit statutory mandate to protect and enhance financial stability. The SARB and National Treasury have consequently developed new legislation that will facilitate the orderly resolution of systemically important financial institutions that are failing, which is an important pillar of the SARB’s expanded mandate.