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US Federal Reserve Bank historical exchange rate data; South African Currency Page, with a short description of each note. South African Currency Page (old rand), a short description of pre-1994 (apartheid-era) notes. Historical banknotes of South Africa (in English and German) Bank of England exchange rate ZAR vs GBP since 2001–present
The spot exchange rate is the current exchange rate, while the forward exchange rate is an exchange rate that is quoted and traded today but for delivery and payment on a specific future date. In the retail currency exchange market, different buying and selling rates will be quoted by money dealers.
In 1993 Namibia issued its own currency, the Namibian dollar. In 2002 a new revenue-sharing formula was introduced in SACU, which included a development component. In 2003 Swaziland reauthorized the use of the rand as legal tender in the interest of facilitating exchange between these countries.
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.
The financial rand system provided for two exchange rates for the rand — one for current account transactions and one for capital account transactions for non-residents. [4] Investments made in South Africa by non-residents could only be sold for financial rand, and limitations were placed on the convertibility of financial rand into foreign ...
An exchange rate is a price at which two currencies can be exchanged against each other. This is used for trade between the two currency zones. Exchange rates can be classified as either floating or fixed. In the former, day-to-day movements in exchange rates are determined by the market; in the latter, governments intervene in the market to ...
The dollar replaced the South African rand, which had been the country's currency while it was under South African rule as South-West Africa from 1920 until 1990, at par. The rand is still legal tender , as the Namibian dollar is linked to the South African rand and can be exchanged on a one-to-one basis locally.
In 1920, Treasury gold certificate notes were issued in denominations of £1, £5, £100, £1,000 and £10,000, in Afrikaans and English script. From 1921, the South African Reserve Bank took over the issuance of paper money, introducing notes for 10/–, £1, £5, £20 and £100. £20 notes were last issued in 1933, with £10 notes added in 1943.