Monde Mnyande, the chief economist of the South African Reserve Bank said that the ratio of coins and notes in circulation to gross domestic product has risen since 2004, after the ratio had declined steadily since the mid seventies.

Mnyande said that the ratio has increased to 2.5% from a low of 2.3% earlier this decade. He said the stronger growth in the informal economy, more social security transfers and wider circulation of the currency in some regions had led to the rise

To read Mnyande's