South African rand exchange rate

Rand – a symbol of an independent republic

The currency of South Africa has its origins in the money of 17th-century Dutch settlers. In 1782, when it was decided that imported units of payment would not suffice, the first local notes were issued. When South Africa was taken over by the British, new coins bearing Dutch inscriptions were introduced. In 1910, as a result of the merger of British colonies, the Union of South Africa (ZPA) was formed and its currency was the South African pound. In 1961, just before the independent Republic of South Africa was formed, a new currency appeared in Africa – the rand.

Its exchange rate is strongly influenced by the prices of commodities exported by South Africa, which is why the currency is referred to as a "commodity currency". The rand exchange rate depends, among others, on gold, platinum and iron ore. Interestingly, although the Polish economy is doing much better than the South African, the ZAR currency on the FOREX market is more important than the zloty. However, prices in South Africa are similar or lower than in Poland, which pleases those who go there for tourist or business purposes. It is worth mentioning that the ZAR PLN pair is not very popular in exchange offices. Of course, this does not mean that the rand, the currency of a distant country, is unobtainable in Poland, although it is found much faster on the Internet than at stationary exchange offices.