South Africa Revamps Banknotes to Thwart Counterfeiting
- The upgraded banknotes will enter into circulation from May 4
- Bills have enhanced security features to combat counterfeiting
The banknotes and coins on display during their launch event in Johannesburg on May 3.
Photographer: Waldo Swiegers/Bloomberg
This article is for subscribers only.
South African Reserve Bank Governor Lesetja Kganyago unveiled upgraded banknotes that will incorporate enhanced security features, including color-changing ink, to prevent counterfeiting.
Countries lose a fortune to counterfeiting each year and the practice “tarnishes the credibility of the currency, thereby impacting negatively on the growth of an economy,” Kganyago said at an event hosted by the Nelson Mandela Foundation in Johannesburg on Wednesday.