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[12] In 2014, South Africa experienced its worst year against the US dollar since 2009, [13] and in March 2015, the rand traded at its worst since 2002. [13] At the time, Trading Economics released data that the rand "averaged R4.97 to the dollar between 1972–2015, reaching an all time high of R12.45 in December 2001 and a record low of R0.67 ...
South African rand: R ZAR Cent: 100 4 South Africa, Eswatini, Lesotho, Namibia: CFP franc ₣, F, or Fr XPF Centime: 100 3 French Polynesia, New Caledonia, Wallis and Futuna: Chilean peso $ CLP Centavo: 100 3 Chile (Chilean Antarctic Territory, Easter Island) Danish krone: kr DKK Øre: 100 3 Denmark (Faroe Islands, Greenland) Indian rupee ...
Decimal currency was introduced in 1961, when the South African pound, previously based on the United Kingdom currency, was replaced by the rand (symbol R) at the rate of 2 rand to 1 pound, or 10 shillings to the rand. Thus the United Kingdom term "bob" for a shilling equates to 10 cents.
Unofficial currency substitution or de facto currency substitution is the most common type of currency substitution. Unofficial currency substitution occurs when residents of a country choose to hold a significant share of their financial assets in foreign currency, even though the foreign currency is not legal tender there. [ 8 ]
BRICS countries committed to study the feasibility of a new common currency or similar, at the 2023 BRICS summit in South Africa. [ 120 ] [ 121 ] [ 122 ] Fair and easier international trade , as well as a major reduction in costs of transactions , would be some of the reasons for the countries to forge a currency union.
The United States dollar (symbol: $; currency code: USD; also abbreviated US$ to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries.
Prior to independence in 1964, the Rhodesia and Nyasaland pound was the legal tender of the British protectorate of Northern Rhodesia.Banknotes of 10 shillings, 1, 5, and 10 pounds issued by the Central Africa Currency Board were in circulation, together with coins of 1 ⁄ 2, 1, 3, 6 pence, and 1, 2, 2 + 1 ⁄ 2, and 5 shillings.