South African Reserve Bank dismissed R10 coins and R500 notes

The SA Reserve Bank has dismissed reports it is planning to issue R10 coins and a R500 note. 

The South African Reserve Bank has cautioned the public about a fake post circulating on social media that it will be introducing a new currency note circulation.

The country is not getting a new R500 banknote

The country is not getting a new R500 banknote and there is no issuing of R10 coins. This is despite inflationary strain and higher consumer price inflation in South Africa.

This comes after a post on social media claiming that the South Africans Reserve Bank will be issuing new bank notes.

R10 coins and R500 notes fake news

“Please note that this is a fake account and has been reported to Twitter. SA Reserve Bank is not planning to issue an R10 coin nor a R500 note”

The note features a group of Zebras on the front. However, the bank said the post was from a fake account and has been reported.

We introduce to you the first sample of our possible new Five hundred rand note

read the fake post

The South African Reserve Bank told BusinessTech last week that it is regularly researching to determine whether to transition into the higher denomination coin. 

This includes an R10 and introducing higher denomination banknotes such as R500, it said.

“The results of the (latest) study revealed that South Africa is not ready for a R500 banknote and some of the reasons stipulated were that the introduction is only valid when the highest denomination, R200 in our case, is the most circulated banknote. This is however not the case in South Africa as the R100 denomination is the most circulating banknote. The other reason is whether the R200 is still used as a store of value which it is and therefore does not warrant a change

said the bank

The Reserve Bank’s study also found that there is an economic case for introducing a R10 coin – however, there is no appetite from the public to introduce this coin.