ZAR - South African Rand

About the South African Rand

Country:

South Africa

Code:

ZAR

Symbol:

R

Founded in 1961, the Rand replaced the South African pound as legal tender. The South African Rand is divided into 100 cents and is available in banknote denominations of 10, 20, 50, 100, and 200 Rand. Additionally it is also available in 9 types of coins 1c, 2c, 5c, 10c, 20c, 50c, R1, R2, and R5. In 1994, the South African Reserve Bank released new South African Rand notes to mark the election of Nelson Mandela and to reflect the new political and social landscape of the country.

The post-apartheid notes depict the "Big 5" tourist attractions in the country, while the reverse sides feature images reflecting South Africa's major industries. Political pressure combined with prohibitions placed against the country because of the apartheid began to significantly affect the value of the Rand. The value of the South African Rand has been largely influenced by a number of local and international events which have influenced the currency. The most notable of which was the controversial land reform program seen in Zimbabwe, this thrust the South African Rand to its weakest historical level.

This sudden depreciation in 2001 led to a formal investigation, which in turn led to a dramatic recovery. The currency declined slightly in 2005, however, resumed its standings the following year. The South African Rand then significantly fell during 2008, this fall was thought to be attributed to by a range of factors, including South Africa's worsening current account deficit and the Eskom electricity crisis, which was founded from being unable to meet the country's growing energy needs. The situation has since stabilised.

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