South Africa is to issue a complete set of banknotes bearing the image of its first black president, Nelson Mandela.

The South African Reserve Bank announced that it was “in the process of producing” the notes on Saturday

“In consultation with President Jacob Zuma and the Minister of Finance, Pravin Gordhan, it was agreed that the new note series will be designed,” the statement read. “The currency will have the same denominations, sizes and colours but the front of all notes will carry a specially designed engraving of former President Nelson Mandela. The reverse side of each denomination will have an image of one of the big five.”

President Jacob Zuma said the banknotes were a "humble gesture" to express South Africa's "deep gratitude".

"With this humble gesture, we are expressing our deep gratitude as the South African people, to a life spent in service of the people of this country and in the cause of humanity worldwide," Zuma said.

Advance notice of the news conference at the central bank had briefly rattled the markets Friday.

No date for the release of the new notes has yet been announced. Production has begun, but the latest edition of the currency will only be distributed towards the end of the year.

Image: Getty