THE South African Reserve Bank (SARB) plans to launch a set of new banknotes in honour of Nelson Mandela.

Meanwhile the South African Mint, a subsidiary of the SARB, will issue a new R5 coin celebrating Mandela’s birth centenary.

The Reserve Bank said on Sunday, that the existing Mandela series of banknotes as well as the existing R5 coin in circulation will remain and continue to be issued.

It is expected that the commemorative banknotes and coin will be introduced into circulation from July 18.

“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 an upholder 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," SARB Governor, Lesetja Kganyago said.