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The South African Reserve Bank on Friday launched R5 banknotes and circulation coins in honor of Madiba's centennial year.
The New Five Rand Coin Launched on the Occasion of Nelson Mandela's Centennial. Photo: Kayleen Morgan / EWN
PRETORIA – The South African Reserve Bank (Sarb) says that no extra money has been spent on the production of Nelson Mandela memorial banknotes.
The bank on Friday issued banknotes and circulation coins About 400 million banknotes were put into circulation
The Reserve Bank says that it has produced the 400 million centenarian banknotes as it would normally do with other bank notes currently in circulation.
Governor Lesetja Kganyago said: "We did not incur additional cost, we simply printed the same number of notes that we would have printed in the year."
He also says that banknotes and coins are not collectibles and will not appreciate if you look at the notes and say 'how beautiful they are, I do not want to spend them … I want to keep them, just remember when you keep those notes that they do not contain. Do not add interest. In order for you to earn interest on these notes, you will have to put them in a bank.
The Reserve Bank states that even though the notes have been distributed at ATMs across the country, they will only begin to spread in certain markets.
WATCH: New notes by Madiba, officially launched
(Edited by Zamangwane Shange)
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