12/02/2018 07:24 SAST | Updated 12/02/2018 07:25 SAST

New Mandela Commemorative Banknotes To Be Issued

The Reserve Bank will issue the banknotes to commemorate Mandela's birthday.

Getty Images
Former president Nelson Mandela in a file photo at the South African Mint where the first presidential coin was launched. It depicts the inauguration of Mandela in 1994.

The South African Reserve Bank (SARB) will launch commemorative banknotes to honour Nelson Mandela's centenary, Fin24 reported.

The notes will be made for all existing banknotes as well as a new R5 coin, the SARB reportedly said. They will be circulated from Mandela's birthday, July 18.

SARB governor Lesetja Kganyago reportedly said, "Nelson Mandela represented the best version of ourselves as South Africans. We unveiled the current Mandela series of banknotes in 2012 to honour him. While preserving the value of money is our main mandate, our purpose is to be a bastion of institutional strength, contributing to a stable and prosperous economy that serves the well-being of all South Africans, and guided in part by Madiba's values."

The R5 coin design was gazetted in January. It is officially legal tender.

According to BusinessTech, it features a picture of the South African coat of arms on one side and a picture of Mandela on the other.