SA Reserve Bank debates creating a new banknote
Updated | By Darren, Keri and Sky
Could there be a R10 coin on the cards, alongside a R500 note?
According to reports from the South African Reserve Bank, there has been a growing debate on whether the country should consider higher denominations of coins and notes.
This would be in the form of a R10 coin and introducing higher banknotes such as R500.
The research results gathered by the Reserve Bank is that South Africa is not ready for a R500 banknote. Some of the reasons given were that the introduction is only valid when the highest bank note (R200) is the most circulated banknote.
Read more: African Union leader warns EU bank sanctions hit food purchases
This is, however, not the case in South Africa as the R100 bank note is the most circulated banknote.
The research also revealed that there is a case for South Africa to have a R10 coin, however, the public is not too thrilled about the prospect of having a R10 coin.
Read more: Consumers need to set aside more money for bread, warns economist
Would you be happy to have both a R10 coin and R500 note? Personal message us @DarrenKeriSky on Facebook to let us know your thoughts.
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