Are you interested in the current exchange rates and the price of the South African rand? Stay up to date at all times! Below we present the current quotes of the South African rand in our online exchange.
The South African rand in the ISO 4217 standard is referred to as ZAR. The name of the South African currency refers to the Witwatersrand, a mountain range in which substantial deposits of gold have been found. Locally, the rand is marked with the "R" symbol.
The ZAR is the official currency of South Africa. It is worth mentioning that the South African Krugerrand is also legal tender in South Africa. However, it is difficult to encounter it in everyday use, because it is treated as an investment currency and comes in gold coins.
Rands are issued by the South African Reserve Bank. Its tasks also include making decisions regarding the broadly understood monetary policy of South Africa, including watching over the ZAR exchange rate. The rand is divided into 100 cents, and although 1, 2 and 5 cents are still in circulation, today only 10, 20 and 50 cent coins are minted, as well as 1 rand, 2 rand and 5 rand. The reverses of contemporary coins feature the country's emblem, and the obverse natural motifs. The currency of South Africa is also available in banknotes in the following denominations: 10, 20, 50, 100 and 200 rand. Two series are currently in circulation. The first, dating from the 90s, presents the so-called "big five", i.e. the most characteristic African animals: the white rhinocero, the African elephant, the lion, the buffalo and the leopard. The second series, introduced in 2012, added the image of Nelson Mandela.
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.
Between 1961 and 1982, the rand was worth more than the US dollar.
Previously mentioned gold Krugerrands are the most popular investment coins in the world.
The abbreviation ZAR comes from the Dutch term "Zuid-Afrikaanse Rand", used in the 17th century.
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