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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. [ 1 ]
The Ora (pronounced; symbol: ะค) [1] is the local currency of Orania, an Afrikaner town in South Africa first issued in April 2004. It is pegged at par with the South African rand. [1] The name, recalling that of the town where it circulates, derives from Latin aurum, meaning "gold". [2]
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).
A currency symbol or currency sign is a graphic symbol used to denote a currency unit. Usually it is defined by a monetary authority, such as the national central bank for the currency concerned. A symbol may be positioned in various ways, according to national convention: before, between or after the numeric amounts: €2.50, 2,50€ and 2 50.
The euro was established in 1999, but "for the first three years it was an invisible currency, used for accounting purposes only, e.g. in electronic payments". [2] In 2002, notes and coins began to circulate. The euro rapidly took over from the former national currencies and slowly expanded around the European Union.
In 2017, a commemorative 5 Rand coin was struck to commemorate the Order of the Companions of O.R. Tambo. In 2018, a commemorative 5 Rand coin was struck to commemorate Nelson Mandela's Birth Centenary. As of 2022, no standard issue circulation currency has been issued since 2019. The coins issued in 2019 were the 5 Rand, 50 cent and 10 cent ...
A currency pair is the quotation of the relative value of a currency unit against the unit of another currency in the foreign exchange market. The currency that is used as the reference is called the counter currency , quote currency, or currency [ 1 ] and the currency that is quoted in relation is called the base currency or transaction currency.
Several European microstates outside the EU have adopted the euro as their currency. For EU sanctioning of this adoption, a monetary agreement must be concluded. Prior to the launch of the euro, agreements were reached with Monaco, San Marino, and Vatican City by EU member states (Italy in the case of San Marino and Vatican City, and France in the case of Monaco) allowing them to use the euro ...