By Kopano Dibakwane
The South African Reserve Bank launched upgraded banknotes and coins on 3 May at the Nelson Mandela Foundation headquarters in Houghton, Gauteng. The launch also commemorated the 10th anniversary since Madiba’s passing.
The currency was reportedly upgraded to keep up with advanced technology, to combat counterfeit and to be in line with international standards.
The Reserve Bank governer, Lesetja Kganyago, said that banknotes and coins are critical payment instruments that provide South Africans access to formal and informal markets. He revealed that the upgraded banknotes and 4th decimal coin series come after years of engagement with various partners such as the department of sport, arts and culture, South African national council for the blind, the blind society, the Pan African language board, the national bio-diversity institute, the banking sector and various industry bodies.
“It is fitting that we mark the occasion at the Nelson Mandela Foundation. A country’s currency must reflect its national identity. The features on our banknotes and coin are relevant and reflect our culture and heritage. Our banknotes and coin have lived through South Africa’s rich and dark past,” said Kganyago.
The chief executive at Nelson Mandela Foundation, Sello Hatang, said that Madiba is sorely missed for his leadership, political wisdom and his profound love for the people.
” Madiba thought of money as something that you can use for development. The legacy of his dreams is described in the constitution and it must live on through all of us,” said Hatang.
The deputy minister of finance, David Masondo, was also present at the event.
Kganyago said that public awareness campaigns will be rolled out the country to introduce the upgraded banknotes and coin features. The notes and coins will be in circulation from 4 May.
