South Africa President Jacob Zuma holding the new banknote bearing the image of former president Nelson Mandela. REUTERS/Stringer
President Zuma made this announcement in February 11, 2012 during the 22nd anniversary of the release from prison of Nelson Mandela (a Nobel Laureate) who led the country out of South Africa’s racial segregation system to become its first black president in 1994.
According to Zuma, it is an appropriate honor to the man who became a symbol of South Africa’s democracy and human rights.
Zuma described Mandela as "outstanding leader and patriot" who demonstrated his love for South Africa in time of repression.
Nelson Mandela was imprisoned for 27 years for fighting against the racial segregation system. While in prison, his reputation grew and known to be the most significant black president in South Africa. He’s now retired from public life after campaigning for global peace, children’s rights and greater access to AIDS treatment.
The new banknote series (R10; R20; R50; R100 and R200 denominations) will bear Nelson Mandela's face. At the back side of the banknote carry an image of one of South Africa's big five animals.
Mandela’s image will be printed on all paper bills, replacing pictures of the big five African animals – the elephant, rhino, buffalo, lion and leopard.
New banknotes in South Africa are created and issued every seven to ten years. The creation of new banknotes will help prevent counterfeiting due to its upgraded security features. The current banknotes were upgraded in 2005.
Before the decision to the current bank notes, consultations with various stakeholders have been made. Among the people who were consulted, were President and Finance Minister Pravin Gordhan, the Mandela family, the National Council for the blind, and the Department of Arts and Culture.
A wholly-owned subsidiary of the Reserve Bank, South African Bank Note Company (SABN) is responsible for the printing of the new bank notes. They are equipped with the modern state-of-the-art printing facilities and highly skilled staff.
The cost of creating the South African banknotes is R2.5 million.
Zuma hopes to circulate the new banknotes before the end of the year. Public outreach programme will be held to educate and inform people about the new banknotes.
The current bank notes series will still be deemed legal tender until they phased out.
The currency of South Africa (Rand) declines by almost one percentage point to a low of 7.7847 against the dollar yesterday according to the central bank. The central bank will hold a press conference with President Zuma. Central bank Governor Gill Marcus and Pravin Gordhan will make an announcement of the "national importance” of new South African banknotes.
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