### South African (UNC) - De Jongh (#C312) R10.00 x1 banknote A/E ###

Appointed as fifth Governor of the South African Reserve Bank. During his term he faced various international monetary crises. Considerable uncertainty regarding gold marketing was caused by the introduction of the two-tier gold marketing system in 1968. Under his leadership the Gold Agreement was concluded with the International Monetary Fund, which gave the Reserve Bank, more scope for marketing the country's gold.

Gold swap transactions were concluded with foreign institutions in the nineteen seventies to reinforce South Africa's reserves. Careful formulation of monetary policy was required due to the rising inflation rate, excessive credit extension by the banking sector and balance of payment problems. He was also involved in various international policy matters. During this period the gold price became much more volatile, fluctuating from initially $30 per ounce to in excess of $200.

 Size of notes after printing - 140mm x 76mm

N.B.