SA Reserve Bank debates creating a new banknote
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.
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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.
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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.
