R500 banknote in South Africa

R500 banknote in South Africa

The South African Reserve Bank (SARB) explained why it had not issued a R500 note, despite the country’s largest note, the R200, being introduced 34 years earlier.

 

[Supine]

Because their only printer is currently dealing with the backlog on drivers licence cards?

 

[FiestaST]

Depressing.

The issue of a larger denomination banknote regularly arises, as the R200 note was introduced 34 years ago.

If one adjusts R200 for inflation between 1992, when it was launched, and today, it is equivalent to R1,386.

That means that a R500 banknote, or even a R1,000 note, would be worth less than what a R200 note was when it was launched.

 

[icantchooseone]

giving change would be a nightmare for 1 chappie

 

[Gordon_R]

Clickbait headline. There is no R500 note...

 

[gogga_]

Clickbait headline. There is no R500 note...

Agreed. I thought R500 note is coming.

 

[satanboy]

"Clickbaits-R-Us"

 

[AnimateX]

Patience, once we reach Zimbabwe levels a R1000 note will be worth nothing.

 

[saor]

Clickbait headline. There is no R500 note...

They're going to run this headline every week all the way up to R2000 note.

 

[purrr]

They're going to run this headline every week all the way up to R2000 note.

Broadmedia is looping...

 

[The_Ogre]

This takes me back to a few weeks ago when someone I know had a customer pay him with a K10 000 (Zambian Kwacha) note.

It's fairly easy to exchange foreign currency on the black market. Before he did that he asked me to check how much it's worth.

I was completely unaware that Zambia also had to redenominate their notes - I actually thought it was still pegged to the ZAR.

He thought it was worth about R100, when it was actually just under R10, so he didn't really lose too much, but he did lose the entire transaction since he can't get rid of that note now as it's no longer tradable on the black market.

It made me think about our currency. In the townships a growing number of vendors now accept cards and I noticed more and more are referring to 10c and 20c coins as scrap metal because nothing they sell has that value anymore. And this has a domino effect on the kids. They see no use for a 10c and 20c coin.

So in terms of preference the bottom end is closing in on the top end and eventually that R500 and R1 000 will have to start getting printed.

 

[WollieVerstege]

I would support a R420 banknote.

 

[ArmatageShanks]

I would support a R420 banknote.