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Reserve Bank puts R10 coin and R500 note rumours to bed

Outside view building of South African Reserve Bank in Pretoria. Picture, Bongani Shilubane, ANA.

Outside view building of South African Reserve Bank in Pretoria. Picture, Bongani Shilubane, ANA.

Published Jun 13, 2022

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The South African Reserve Bank has put rumours of the country getting a R10 coin and R500 note to bed.

The SARB was reacting to a fake post featuring a R500 note with a group of Zebras on the front.

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

The Reserve Bank said a fake account on social media spread the rumour, and made it clear that the bank was not planning to issue the rumoured denominations of the currency.

“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,” the bank said in a post on Twitter.

Sarb said: “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.”

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