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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 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.
South African rand: R ZAR Cent: 100 Ethiopia: Ethiopian birr: Br ETB Santim: 100 Falkland Islands: Falkland Islands pound £ FKP Penny: 100 Sterling £ GBP Penny: 100 Faroe Islands: Danish krone: kr DKK Øre: 100 Faroese króna: kr (none) Oyra: 100 Fiji: Fijian dollar $ FJD Cent: 100 Finland: Euro € EUR Cent: 100 France: Euro € EUR Cent ...
Between 1869 and 1872, the ZAR in Transvaal issued notes for 6d, 1/–, 2/6, 5/–, 10/–, £1, £5 and £10. The National Bank of the ZAR issued £1 notes between 1892 and 1893. During the Second Boer War, government notes were issued in denominations of £1, £5, £10, £20, £50 and £100.
Although the South African rand is legal tender across the CMA, the other member states issue their own currencies exchanged at par with it: the Lesotho loti, Namibian dollar and Swazi lilangeni. Foreign exchange regulations and monetary policy throughout the CMA continue to reflect the influence of the South African Reserve Bank.
50 surprising facts from 'Today I Learned' that show how little we actually know. Sports. Sports. Associated Press. Arizona State's leading scorer BJ Freeman is no longer with team after turbulent ...
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 ...