South African Currency Symbol, Converter & Exchange Rate

South Africa is dubbed “the heart of African business”. Over the years, this country has proven it is a fast-growing economy. This can be attributed not only to the many resources the country has to offer but also its strong currency. The South African currency just like the dollar and pound is also a preferred medium of batter. Transparency in South African transactions has greatly boosted this currency. The South African currency which is referred to as the rand in the economic market continues to grow immensely due to its ability to subdue market forces and still retain its quality.

South African Currency: 5 Key Facts You Need to Know

Symbol and Name

Introduced on February 14, 1961, the South African currency has the symbol “R’ which stands for Rand. In addition, the South African currency is the medium of exchange in Swaziland, Lesotho and South Africa itself. These three countries form a common monetary area. However, some countries with the likes of Namibia have legalized the South African currency.

Before the rand was made the legal South African currency, the South African pound was the legal tender. This had been introduced by Britain but as soon as the Republic of South Africa came into being, the current South African currency was introduced. The exchange rate at the time of independence was 2rands for 1pound but as the years passed, apartheid caused the South African currency to depreciate.

20-Rand

See Also: 6 Lifestyle Changes To Save You Money

The Transition of Bank Notes

With the introduction of the South African currency in 1961, came banknotes of different denominations. The first banknotes were of 1, 2, 10 and 20 rands. Their outlook was similar to the South African pound and bore the portrait of Jan van Riebeeck. In addition, they were printed in English and Afrikaans a trend that continued until 1966 when notes were printed introducing the R5 note and doing away with the R2 note. This was also the time that also saw the R1 note being replaced by a coin.

The transition of the South African banknote continued over the years and most recently a major change occurred when on February 2012 President Jacob Zuma announced that the government would issue out banknotes with new looks. The same year (2012), the new banknotes were ready for circulation. They came in denominations of R10, R20, R50, R100 and R200.

100-Rand - South African currency - South African Rand

Coins Denomination

At the same time that the banknotes were introduced in 1961, so were the coins. These coins came in denominations of 1, 2, 5, 10, 20 and 50 cents. In 1989 the R2 coin was introduced followed by the introduction of the R5 coin in 1994. The 1 and 2 cent coins stopped circulating in 2002 though they are still acceptable to date. In August 2004, the new R5 coin was introduced and security measures put in place to ensure originality.

READ
ZAR to USD: South African Rand to Dollar Conversion and Exchange Rate

See Also: How To Make More Money Than You Need In South Africa

Exchange Rates

The South African rand performs exceptionally well both in forex and stock reports. Over the years, the South African currency has continued to stand out and has led to most if not all countries accepting the rand into their markets. This factor has made the South African currency grow steadily a move that has seen its stability against the major currencies. As much as the South African currency has gained worldwide recognition, South Africa’s economy has steadily grown as many investors want to deal with the current rates the South African currency is offering in the international markets.

National Heritage

The South African currency is printed in a way that brings a sense of belonging to the South African nationals. The front side bears the portrait of South Africa’s hero Nelson Mandela who has acquired worldwide recognition for his fight against apartheid. This has brought South Africa into the spotlight. The eleven major languages have also been incorporated in the printing of different denominations. South Africa as a tourist destination has the big five wild animals printed at the back of their various denominations.

See Also: Poverty In South Africa: 5 Painful Facts You Don’t Want To Know

Converter

Not only does the South African currency provide a good medium of exchange, it is also a good way of publicizing and making Africa proud. This explains why three countries have decided to use the South African currency as their legal tender. Indeed, it makes South Africa one of the countries that play a very critical role in shaping the economy of the African continent.

According to currency rankings, the most popular South Africa Rand exchange rate is the USD to ZAR rate. To convert other currencies to rand, enter the amount to be converted in the box to the left of the currency and press the “convert” button. To show South African Rand and just one other currency click on any other currency.

Quick Facts about South African Currency 

1. According to Bloomberg currency scoreboard, the Rand was the best performing currency against the US dollar between 2002 and 2005.

READ
How to Convert South African Rand To Japanese Yen

2.  The rand is named after an area near Johannesburg called the Rand, which is famous for its gold mines.

3. It is the medium of exchange in three Common Monetary Area countries including Swaziland, Lesotho and Namibia.

4. The rand performs exceptionally well both in forex and stock reports.

Was this article helpful?
Andile Smith
Andile Smith
Andile provides articles on anything from Politics, Sports, History and entertainment to funny, creepy and weird. His passion for writing allows him to take what is ordinary and transform it into a real masterpiece. He's a true storyteller with a passion for tech and literature
data-matched-content-rows-num="2" data-matched-content-columns-num="4" data-matched-content-ui-type="image_stacked" data-ad-format="autorelaxed">

Recommended

Faith Nketsi Biography – Glimpse Into the Life Of Controversial Instagram Model and Singer

Faith Nketsi is a South African beauty queen who gained fame on social media and now beyond, as an influencer, model, and singer. A...

A Reveal of Faith Nketsi’s Age and What She Looked Like Before and After Plastic Surgery

Faith Nketsi is a well-known South African model, social media influencer, event host, rapper, dancer, and businesswoman. She gained popularity first as a dancer...

Sho Madjozi’s Father Left Her Mother Rosemary Phaweni at a Young Age – Meet Her Parents

The story of her rise into becoming an inspiration to many in South Africa and becoming a great musician has been told again and...

Just How Old Is Sho Madjozi the BET Award Winner and Is She Married Yet?

Sho Madjozi would forever be remembered in the history of South African music as a legend, and one of the most influential rappers of...

A Look at AKA the Rapper’s House and Cars Bankrolled by His Huge Net Worth

AKA is one of the most successful rappers in South Africa. He has sold out shows, released record-breaking and chart-topping songs, and has signed...

Featured Today

Sho Madjozi Biography – Inside the Life Of Tsonga Born ‘John Cena’ Rapper

Sho Madjozi may be a superstar with international recognition, but she ensures her mainstream fame doesn't pull her away from her heritage. She is...

Pointers to Khanyi Mbau’s Net Worth and A Detailed Look at Her Car Collection

There was a time when trolls on social media referred to her as a gold-digger, a label that she never liked. Those years have...

Bonang Matheba Has 2 Siblings, Reabetswe Sechoaro and Thabo Mokoena – Meet Them

Having a celebrity sibling who is more popular and successful than you are doesn't in any way make one less awesome. Bonang Matheba may...

How Sbu Mpisane and His Wife Shawn Mkhize Got Rich and What They Do Now

Sbu Mpisane and his wife, Shauwn Mkhize, are South Africa's power couple famed for their business practices and luxurious lifestyle. The two were not...

Loyiso MacDonald – Tracing the Age, Parents And Biography Of Kagiso From The Queen

It’s always a joy to see South African superstar Loyiso MacDonald pop up, either in a film, television show or even on social media....
Was this article helpful?

Related Stories