The South African Reserve Bank (SARB) has officially upgraded the nation’s banknotes and coins.
On 3 May, SARB tweeted the following: “The South African Reserve Bank Governor @KganyagoLesetja is launching the country’s upgraded banknotes and 4th decimal coin series today, 3 May 2023 at 13:00, in partnership with the @NelsonMandela Foundation.”
The South African Reserve Bank Governor @KganyagoLesetja is launching the country’s upgraded banknotes and 4th decimal coin series today, 3 May 2023 at 13:00, in partnership with the @NelsonMandela Foundation. Watch the live stream on Facebook https://t.co/jkqyCWw0wv & YouTube at… pic.twitter.com/0IHJsKjDfi
— SA Reserve Bank (@SAReserveBank) May 3, 2023
On their website, SARB stated, “The upgraded banknotes and fourth decimal coin series have new designs and enhanced security features that utilise the latest technological advancements to protect the integrity of our currency and maintain public trust.”
They added, “The upgraded banknotes continue to pay homage to South Africa’s first democratically elected president, Nelson Mandela, with his portrait featured on the front of all five denominations while the Big 5 animals are depicted as a family.”
Speaking about the coins, they said, “The fourth decimal coin series is based on the theme of deep ecology, which celebrates the interconnectedness of humans and other living organisms as an integral part of the environment.”
The new currency will co-circulate with the old currency, as stated by the Nelson Mandela Foundation on Twitter.
South Africa’s new currency will start co-circulating with the old currency in the economy from tomorrow. #SARBConnectingUs #OurMoneyOurPride#Mandela10@SAReserveBank pic.twitter.com/5iTY4VVoVs
— NelsonMandela (@NelsonMandela) May 3, 2023
In a statement, Pearl Kgalegi, head of the Currency Management department, said, “We upgrade in order to keep up with advanced technology, to combat counterfeit and lastly, just to be in line with international standards.”
Liziwe Mda, the Managing Director at South African Bank Note Company, explained, “The first thing that South Africans will notice is the colour. The colour is more vibrant.”
[Watch] The SA Reserve Bank has upgraded the security features of our banknotes in line with international best practice. Added to former president Nelson Mandela’s portrait is the preamble to our Constitution and the SA flag, while the Big 5 animals are depicted as a… pic.twitter.com/VDdUtXHz8k
— SA Reserve Bank (@SAReserveBank) May 3, 2023
South Africans will also spot a bit of purple on the R50, as well as an image of a Cape honeybee on the 10c coin.
Also see: 6 Ways to reduce your living costs in South Africa in 2023
