South African rand Wikipedia

This is to ensure that the interests of the economy precede those of any private individual. To maintain this policy, the governor and 14-member board head the bank’s activities and work toward monetary goals. The South African rand (ZAR) was first introduced in February 1961, just before the Republic of South Africa was established. The rand replaced the South African pound at a rate of 2 rand to 1 pound. Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader.

However, the rand weakened significantly during the second and third quarters of 2006 (i.e., April through September). By the time that State President P. W. Botha made his Rubicon speech on 15 August 1985, it had weakened to R2.40 per dollar. The currency recovered somewhat between 1986 and 1988, trading near the R2 level most of the time and breaking beneath it sporadically. The recovery was short-lived; by the end of 1989, the rand was trading at more than R2.50 per dollar. Through the RMA agreement, the South African rand remained legal tender in all member nations and circulated alongside the national money of the member nations.

1. The establishment of the Rand Monetary Area (RMA) in 1974 allowed Swaziland, Botswana, and Lesotho to issue currencies unique to their nations.
2. However, the rand weakened significantly during the second and third quarters of 2006 (i.e., April through September).
3. Wise gives you the real, mid-market, exchange rate, so you can make huge savings on your international money transfers.

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This sudden depreciation in 2001 led to a formal investigation and a dramatic recovery. By the end of 2002, the currency was trading under R9 to the dollar again, and by the end of 2004, it was trading under R5.70. The currency softened somewhat in 2005, trading around R6.35 to the dollar at the end of the year. At the start of 2006, however, the currency resumed its rally and, as of 19 January 2006, was trading under R6 to the dollar again.

Our currency rankings show that the most popular South African Rand exchange rate is the ZAR to USD rate. The currency code for Rand is ZAR, and the currency symbol is R. Below, you’ll find South African Rand rates and a currency converter. The 2005 series has the same principal design but with additional security features, such as colour-shifting ink on the 50 rand and higher and the EURion constellation. The obverses of all denominations were printed in English, while two other official languages were printed on the reverse, thus using all 11 official languages of South Africa.

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These are the highest points the exchange rate has been at in the last 30 and 90-day periods. Compare our rate and fee with our competitors and see the difference for yourself. The controversial trading systems land reform programme that was initiated in Zimbabwe, followed by the September 11, 2001 attacks, propelled it to its weakest historical level of R13.84 to the dollar in December 2001. In 2013, the 2012 series was updated with the addition of the EURion constellation to all five denominations.[43] They were entered into circulation on 6 November 2013. The South African rand, which is abbreviated ZAR, is the national currency of South Africa. Eswatini, Lesotho, and Namibia also peg their currencies to the rand.

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South African Rand to United States Dollar

Coins were introduced in 1961 in denominations of 1⁄2, 1, 2+1⁄2, 5, 10, 20, and 50 cents. The 1⁄2 cent coin was last struck for circulation in 1973. The 1 rand coin for circulation was introduced in 1967, followed by 2 rand coins in 1989 and 5 rand coins in 1994. When the rand was introduced in 1961, its value was linked to the price of gold. After the end of apartheid, the rand’s value began to fluctuate more as South Africa’s economy became more closely tied to the global economy. The rand was also one of the emerging market currencies that was hit hard by the 2008 financial crisis and the coronavirus pandemic.

Also, in 2012, a rand banknote containing a picture of former President Nelson Mandela was released as part of the Mandela series. Banks and traditional providers often have extra costs, which they pass to you by marking up the exchange rate. Our smart tech means we’re more efficient – which means you get a great rate. They add hidden markups to their exchange rates – charging you more without your knowledge.

Check live rates, send money securely, set rate alerts, receive notifications and more. Create a chart for any currency pair in the world to see their currency history. These currency charts use live mid-market rates, are easy to use, and are very reliable. These are the lowest points the exchange rate has been at in the last 30 and 90-day periods.

Besides his extensive derivative trading expertise, https://forexanalytics.info/ Adam is an expert in economics and behavioral finance. Adam received his master’s in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses.

Convert USD to ZAR at the real exchange rate

The 1978 series began with denominations of 2, 5, 10, and 20 rand, with a 50 rand introduced in 1984. This series had only one language variant for each denomination of note. Afrikaans was the first language on the 2, 10, and 50 rand, while English was the first on the 5 and 20 rand.

The South African rand (ZAR) is the national currency of the country of South Africa, with the symbol ZAR being the currency abbreviation for the rand in foreign exchange (forex) markets. Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate. These percentages show how much the exchange rate has fluctuated over the last 30 and 90-day periods. In sterling terms, it fell from around 9.5% to just over 7%, losing some 25% of its international trade-weighted value in six months. In late 2007, the rand rallied modestly to just over 8%, only to experience a precipitous slide during the first quarter of 2008.

The South African rand is made up of 100 cents and is often presented with the symbol R. The rand comes from the word „Witwatersrand,“ which means „white waters ridge.“ Johannesburg, the location of a majority of South Africa’s gold deposits, is located on this ridge. Keep in mind that exchanging currency often comes with added fees that a conversion calculator won’t be able to predict. For instance, credit card companies and ATM networks usually charge a 1% conversion fee on all foreign transactions. Individual merchants may also charge supplemental fees if you ask them to convert the price of an item to your home currency at checkout.