[imagesource: Instagram/ @theclownsk8]

A fake post doing the rounds on social media had some South Africans convinced that a new R500 note would soon be introduced into our national currency.

But, as The Citizen reports, The South African Reserve Bank has taken pains to lay this rumour to rest.

In a pointed rebuke on its official Twitter, SARB stressed that the mockup of the ‘new R500 note,’ which features Zebra, has been falsified by a fake account.

Moreover, the dismissal goes on to emphatically state that the “SA Reserve bank is not planning to issue a R10 coin nor a R500 note.”

Please note that this is a fake account and has been reported to Twitter. SA Reserve Bank is not planning to issue a R10 coin nor a R500 note. pic.twitter.com/wffcUwTDQa

— SA Reserve Bank (@SAReserveBank) June 11, 2022

That said, SARB did confide to Business Insider that it is currently assessing the merits of a transition to higher denominations.

For the time being, though, the Reserve Bank has found that:

“The results of the (latest) study revealed that South Africa is not ready for a R500 banknote, and [one] of the reasons stipulated [was] that the introduction is only valid when the highest denomination, R200 in our case, is the most circulated banknote.”

Recent spikes in inflation likely lent this rumour credence…

[source:citizen]