SARB launches upgraded banknotes and coins - SABC News

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SARB launches upgraded banknotes and coins - SABC News
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The South African Reserve Bank (SARB) has introduced upgraded banknotes and coins into the South African market, which will be available from the 4th of May 2023.

Reserve Bank Governor Lesetja Kganyago says all previously issued banknotes and coins can still be used together with the upgraded currency.

“A public awareness campaign on the changes made to our currency is under way and will be in the market from the 4th of May and will be introduced into the market incrementally. Denominations of both banknotes and coins will be introduced incrementally as well. The changes to the banknotes and coins can also be seen on the SARB currency app which is free to download or the App Store or the play store and I urge you to do so.

Kganyago elaborates: “The upgraded notes and coin will have the same value as the current notes and coin in circulation and I want to encourage the public to transact with them. Both sets of currency will remain legal tender today into the future, so don’t think the old coins and think that their collectors and that you can sell them for more at the Reserve Bank.

The Governor says it is standard practice for banknotes to be refreshed in intervals of 6 to 8 years and coins in intervals of 20 to 30 years.

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