Faizel Patel
Senior Digital Journalist
2 minute read
12 Jun 2022
11:59 am

South Africa not getting new R500 bank note & R10 coin

Faizel Patel

With higher food & petrol prices, its unlikley that grappling South Africans will have to carry bags of cash just yet

Photo: Twitter

South Africa is not getting a new R500 bank note despite inflationary pressure and higher consumer price inflation.

The South African Reserve Bank (Sarb) has urged South Africans to be wary of a fake post that it will be introducing a new currency note into circulation.

This comes after a post on social media claiming that South Africans will be introduced to a new bank note.

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The note features a group of Zebras on the front.

“We introduce to you the first sample of our possible new Five hundred rand note.” The post read.

However, the Sarb said the post is fake.

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

Sarb told Business Insider that it is constantly doing research to determine whether to transition into higher denomination currency including a R10 coin or R500 bank note.

“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, Sarb said.”

With local retail prices set to increase even further, especially on the food price front and a higher-than-expected oil price means that the fuel price is set to remain elevated at the same time, it’s unlikely that grappling South Africans will have to carry bags of cash to buy a loaf of bread just yet as the value of the Rand maintains some value.

However, the same can’t be said for South Africa’s neighbour Zimbabwe.

AFP reported in April 2022 that the country would  introduce a new $100 note, its highest paper money denomination, according to a government notice, but the bill is just enough to buy a half a loaf of bread.

The new note, the roll-out date of which has not yet been announced, will be worth $0.68 in US currency.

The introduction of the new note comes as inflation is starting to tick upward at 72.7% last month, up from 66.1% in February.

Toes for cash in Zimbabwe

Last week, an internet rumor blazed through the country that desperate people were selling their toes for cash.

The false report became so widespread that the country’s Deputy Minister of Information Kindness Paradza visited street vendors in central Harare earlier this month to debunk it.

One-by-one the traders took off their shoes to show that they had all 10 toes, as Zimbabwe’s state media recorded the digital investigation.

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