MIL-OSI Africa: Reserve Bank releases Mandela banknote design

By   /  June 14, 2018  /  Comments Off on MIL-OSI Africa: Reserve Bank releases Mandela banknote design

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Source: South Africa News Agency

The Reserve Bank on Wednesday released the designs of its first commemorative banknote series of democratic South Africa’s founding father, Nelson Mandela.

The central bank said it had decided to release the design of the commemorative notes following breaches of the banknotes that cover all denominations – R10, R20, R50, R100 and R200.

As part of the preparations for the launch, test packs of the commemorative banknotes were made available to members of the broader cash industry to allow them to make adequate preparations in relation to issues such as adaptions of cash processing and cash dispensing machines, ticketing machines and so forth.

“While these test packs were governed by strict confidentiality provisions, it has come to the Reserve Bank’s attention that certain breaches have occurred, and as a result some of the designs have been circulating on social media. In order to avoid confusion and unnecessary speculation, the SARB has decided to release all the designs ahead of the official launch scheduled for 13 July 2018.”

The bank said more detailed information about the commemorative features of the notes and additional security features will be made available at the time of the official launch.

“As part of the celebrations, the South African Mint, a subsidiary of the bank will also be issuing a new commemorative circulation R5 coin.”

The breach comes a few week before the 100th birthday of President Nelson Mandela, the Reserve Bank is set to launch its first commemorative banknote series of democratic South Africa’s founding father.

Madiba, as was affectionately known, passed away in December 2013 at the age of 95.

It is envisaged that these notes will be issued into circulation by 18 July 2018.

These commemorative banknotes and R5 coin will co-circulate for a limited time, together with the current Mandela banknote series and the existing R5 coin, and both sets will remain legal tender.

The current set of Mandela bank notes were introduced in 2012. – SAnews.gov.za

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