A South African Reserve Bank study has been looking into the introduction of a R 500 banknote and a R10 coin. Recently, some of the study’s findings were released.
“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.
This is however not the case in South Africa as the R100 denomination is the most circulating banknote. The other reason is whether the R200 is still used as a store of value – which it is – and therefore does not warrant a change”.SARB
Additional data that was released included the number of different denomination banknotes in circulation which indicated which notes were the most popular.
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