By Wanique Block
South Africans are resilient, but at what cost?
Over the past decade we have been dealing with the endless battles of corruption, a worldwide pandemic, a national energy crisis, high unemployment rate not to mention recent steep increases in petrol and oil.
As South Africans struggle to keep up with the extremely high cost of living, the South African Reserve Bank has considered implementing higher coin and note denominations to counter the rising cost of living.
In conversation with Business Tech, officials at the South African Reserve Bank noted that although they are constantly doing research to determine whether to transition into higher denominations, they explained due to their study findings South Africa is not ready for a R500 bank note.
“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”, officials stated.
The R100 bank note is currently the most circulating bank note in South Africa.
“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,” the bank said.
Although the idea of having a R500 bank note circulating might seem far-fetched at this point, but one can’t help but imagine what it’d be like paying with a R500 in taxi.
Can you imagine the drama waiting for change?
Read Next: KZN Premier Sihle Zikalala has opened an assault and crimen injuria case against Ngizwe Mchunu
