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One rand was worth US$1.40 (R0.72 per dollar) from the time of its inception in 1961 until late 1971, and the U.S. dollar became stronger than the South African currency for the first time on 15 March 1982. [9]
South African rand: 1 Macanese pataca: Hong Kong dollar ... Maldivian rufiyaa: U.S. dollar: 10.28-15.42 Manx pound: Pound sterling: 1 Namibian dollar: South African ...
4.3 Rand as exchange rate anchor. 4.4 Composite exchange rate anchor. 4.5 Indian Rupee as exchange rate anchor. 4.6 Other. 5 Stabilized arrangement. ... US Dollar (37 ...
In January 2009, acting Finance Minister Patrick Chinamasa lifted the restriction to use only Zimbabwean dollars. [citation needed] This acknowledged what many were already doing. Citizens were allowed to use the US dollar, the euro, and the South African rand. However, teachers and civil servants were still being paid in Zimbabwean dollars.
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 loca
A currency [a] is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. [1] [2] A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. [3]
Currency substitution is the use of a foreign currency in parallel to or instead of a domestic currency. [1]Currency substitution can be full or partial. Full currency substitution can occur after a major economic crisis, such as in Ecuador, El Salvador, and Zimbabwe.
Decimalisation or decimalization (see spelling differences) is the conversion of a system of currency or of weights and measures to units related by powers of 10.. Most countries have decimalised their currencies, converting them from non-decimal sub-units to a decimal system, with one basic currency unit and sub-units that are valued relative to the basic unit by a power of 10, most commonly ...