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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 South African currency for the first time on 15 March 1982. [9] Its value thereafter fluctuated as various exchange rate dispensations [clarification needed] were implemented by the South African ...
The exchange rate is grossly more favourable to the seller of the foreign currency than is the official bank rate, but such trading is usually illegal. [ citation needed ] In many rural areas there is still a strong bartering culture, the exchanged items being of more immediate value than official currency (following the principle that one can ...
South African rand: ZAR: R: 1.1%: 1.0%: 0.1pp ... An exchange rate is a price at which two currencies can be ... although units of 1 ⁄ 10 or 1 ⁄ 1000 occasionally ...
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.
4.3 Rand as exchange rate anchor. ... Toggle Pegged exchange rate within horizontal bands subsection. 8.1 Composite exchange rate anchor. 9 Other managed arrangement.
This template renders a South African currency value with a currency symbol, or optionally an ISO 4217 identifier (ZAR), linked to the South African rand article. {{ZAR|123.45}} produces R 123.45 (with a non-breaking space between the R and the value) {{ZAR}} produces R (simple currency article link)
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 Common Monetary Area (CMA) links South Africa, Namibia, Lesotho and Eswatini into a monetary union.The Southern African Customs Union (SACU) includes all CMA members in addition to Botswana, which replaced the rand with the pula in 1976 as a means of establishing an independent monetary policy.