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The South African rand, or simply the rand, (sign: R; code: ZAR[a]) is the official currency of South Africa. It is subdivided into 100 cents (sign: "c"), and a comma separates the rand and cents.
Many African countries change their currency's appearance when a new government takes power (often the new head of state will appear on bank notes), though the notional value remains the same. Also, in many African currencies there have been episodes of rampant inflation, resulting in the need for currency revaluation (e.g. the Zimbabwe dollar).
The Krugerrand (/ ˈkruːɡərænd /; [1] Afrikaans: [ˈkry.ərˌrant]) is a South African coin, first minted on 3 July 1967 to help market South African gold and produced by Rand Refinery and the South African Mint. [2][3] The name is a compound of Paul Kruger, the former President of the South African Republic (depicted on the obverse), and ...
The rand was introduced in the then Union of South Africa on 14 February 1961, shortly before the establishment of the Republic on 31 May 1961. The rand replaced the pound with a decimal currency: 100 cents (100c) = 1 rand (R1), 1 rand being valued at 10 shillings and 1 cent at 1.2 pence. The coins bore the forward-facing portrait of Jan van ...
This infobox shows the latest status before this currency was rendered obsolete. The pound (Afrikaans: pond; symbol £, £SA[ 1 ] for distinction) was the currency of the Union of South Africa from the formation of the country as a British Dominion in 1910. It was replaced by the rand in 1961 when South Africa decimalised.
v. t. e. This is a list of countries by their exchange rate regime. [1] De facto exchange-rate arrangements in 2022 as classified by the International Monetary Fund. Floating (floating and free floating) Soft pegs (conventional peg, stabilized arrangement, crawling peg, crawl-like arrangement, pegged exchange rate within horizontal bands) Hard ...
South Africa, officially the Republic of South Africa (RSA), is the southernmost country in Africa.Its nine provinces are bounded to the south by 2,798 kilometres (1,739 miles) of coastline that stretches along the South Atlantic and Indian Ocean; [14] [15] [16] to the north by the neighbouring countries of Namibia, Botswana, and Zimbabwe; and to the east and northeast by Mozambique and Eswatini.
The South African financial rand was the most visible part of a system of capital controls. Although the financial rand was abolished in March 1995, some capital controls remain in place. These capital controls are locally referred to as "exchange controls", although the system has since 1995 moved towards surveillance — recording and ...
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