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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.
Although the South African rand is legal tender across the CMA, the other member states issue their own currencies exchanged at par with it: the Lesotho loti, Namibian dollar and Swazi lilangeni. Foreign exchange regulations and monetary policy throughout the CMA continue to reflect the influence of the South African Reserve Bank.
A digital rand in South Africa could cut the high cost of cross-border payments for banks but its introduction is still a few years away, a senior central bank official said. However, regulation ...
Many African countries change their currency's appearance when a new government takes power (often the new head of state will appear on bank notes), though the notional value remains the same. Also, in many African currencies there have been episodes of rampant inflation, resulting in the need for currency revaluation (e.g. the Zimbabwe dollar).
The Krugerrand (/ ˈ k r uː ɡ ə r æ n d /; [1] Afrikaans: [ˈkry.ərˌrant]) is a South African coin, first minted on 3 July 1967 to help market South African gold and produced by Rand Refinery and the South African Mint.
The value of the South African Rand declined from R18.8 per US dollar on 10 May to R19.3 per dollar by 18 May, [59] a decline that was attributed to the incident. [59] [60] In May 2023, South African Minister of Defence and Military Veterans Thandi Modise insisted "there was fokol [Afrikaans: nothing] on that ship". [61]
The following slang words used in South African originated in other parts of the Commonwealth of Nations and subsequently came to South Africa. bint – a girl, from Arabic بِنْت. Usually seen as derogatory. buck – the main unit of currency: in South Africa the rand, and from the American use of the word for the dollar.