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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.
Exchange controls such as these were imposed by the South African government to restrict the outflow of capital from the country. The South African financial rand was the most visible part of a system of capital controls. Although the financial rand was abolished in March 1995, some capital controls remain in place.
10 – John Vorster becomes State President of South Africa. [1] 31 – The South African Railways sets a still unbeaten world rail speed record. [4] [5] December. A bomb explodes at the Soweto Community Council offices. Unknown date. The South African Defence Force attacks several SWAPO bases in Angola during Operation Bruilof.
1978 in South African law (5 P) S. 1978 in South African sport (3 C, 5 P) Pages in category "1978 in South Africa" The following 9 pages are in this category, out of ...
There would also be South African rand coins of 10, 20, 50 cents, 1, 2, 5 rands. ... devalued from 0.6788 R$ to US$1 in 1978 to roughly half a ... ZAR, CHF, GBP, USD ...
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.
1978 in South West Africa (1 C, 6 P) 1978 in Sudan (1 P) ... Pages in category "1978 in Africa" The following 10 pages are in this category, out of 10 total.