South African rand

Short description: Currency of South Africa

South African rand

List

* 10 other official names:
* Suid-Afrikaanse rand (Afrikaans)
* iRanti yeSewula Afrika (Southern Ndebele)
* iRanti yoMzantsi Afrika (Xhosa)
* iRandi laseNingizimu Afrika (Zulu)
* liRandi laseNingizimu Afrika (Swazi)
* Ranta ya Afrika Borwa (Northern Sotho)
* Ranta ya Afrika Borwa (Sotho)
* Ranta ya Aforika Borwa (Tswana)
* Rhandi ya Afrika-Dzonga (Tsonga)
* Rannda ya Afurika Tshipembe (Venda)

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South African rand banknotes

ISO 4217
Code| ZAR (numeric: 710)
Subunit| 0.01
Unit
Plural| rand
Symbol| R
Denominations
Subunit|
​1⁄100| Cent
Symbol|
Cent| c
Banknotes| R10, R20, R50, R100, R200
Coins| 10c, 20c, 50c, R1, R2, R5
Rarely used| 1 cent and 2 cents (both discontinued 2002) and 5 cents (discontinued 2012)
Demographics
Official user(s)|  South Africa[lower-alpha 1]
Namibia[lower-alpha 2]
Template:Country data LSO[lower-alpha 3]
Eswatini[lower-alpha 4]
Unofficial user(s)| Template:Country data AGO
Malawi
Zambia
Template:Country data ZWE[lower-alpha 5]
Issuance
Central bank| South African Reserve Bank
Website| www.resbank.co.za
Printer| South African Bank Note Company
Mint| South African Mint
Website| www.samint.co.za
Valuation
Inflation| 2.7% (South Africa only)
Source| StatsSA , Dec 2024
Method| CPI
Pegged by| Template:Flagd Namibian dollar
Template:Flagd Lesotho loti
Template:Flagd Swazi lilangeni
(at par)

1. ↑ A Common Monetary Area member.
2. ↑ A Common Monetary Area member, used alongside Namibian dollar
3. ↑ A Common Monetary Area member, used alongside Lesotho loti
4. ↑ A Common Monetary Area member, used alongside Swazi lilangeni
5. ↑ Alongside Zimbabwean ZiG.

The South African rand, or simply the rand, (sign: R; code: ZAR[lower-alpha 1]) 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 South African rand is legal tender in the Common Monetary Area member states of Namibia, Lesotho, and Eswatini, with these three countries also having national currencies (the dollar, the loti, and the lilangeni respectively) pegged with the rand at parity and still widely accepted as substitutes. The rand was also legal tender in Botswana until 1976, when the pula replaced the rand at par.

The rand is legal tender in Zimbabwe as part of its multiple currency system, which also includes other currencies such as the euro, the pound sterling, the US dollar, and the Zimbabwean ZiG.

## Contents

* 1 Etymology
* 2 History
* 2.1 Brief exchange rate history
* 2.1.1 1961–2000
* 2.1.2 2001–2011
* 2.1.3 2012–present
* 3 Coins
* 4 Banknotes
* 4.1 First series
* 4.2 Second series
* 4.3 Third series
* 4.4 Fourth series
* 4.5 Fifth series
* 4.6 Sixth series
* 4.7 Seventh series
* 4.8 Eighth series
* 4.9 Exchange rate
* 5 See also
* 6 Note
* 7 References
* 8 Further reading
* 9 External links

## Etymology

The rand takes its name from the Witwatersrand ("white waters' ridge" in English, rand being the Afrikaans and Dutch word for 'ridge'), the ridge upon which Johannesburg is built and where most of South Africa's gold deposits were found. In English, Afrikaans and Dutch, the singular and plural forms of the unit ("rand") are the same: one rand, ten rand, and two million rand.

## History

The rand was introduced in the Union of South Africa in 1961, three months before the country declared itself a republic.[2] A Decimal Coinage Commission had been set up in 1956 to consider a move away from the denominations of pounds, shillings, and pence; it submitted its recommendations on 8 August 1958.[3] It replaced the South African pound as legal tender, at the rate of 2 rand to 1 pound, or 10 shillings to the rand. The government introduced a mascot, Decimal Dan, "the rand-cent man" (known in Afrikaans as Daan Desimaal).[4] This was accompanied by a radio jingle to inform the public about the new currency.[5] Although pronounced in the Afrikaans style as /rʌnt/ in the jingles when introduced,[6] the contemporary pronunciation in South African English is /rænd/.[7]

### Brief exchange rate history

Rand per US Dollar (1970–2026)[8]

#### 1961–2000

One rand was worth US$1.40 (R0.72 per dollar) from the time of its inception in 1961 until late 1971, and the U.S. dollar became stronger than the South African currency for the first time on 15 March 1982.[9] Its value thereafter fluctuated as various exchange rate dispensations[clarification needed] were implemented by the South African authorities. By the early 1980s, high inflation, mounting political pressure, and sanctions placed against the country due to international opposition to the apartheid system had started to erode its value. The currency broke above parity with the dollar for the first time in March 1982. It continued to trade between R1 and R1.30 to the dollar until June 1984, when the currency's depreciation gained momentum. By February 1985, the currency was trading at over R2 per dollar. In July of that year, authorities suspended all foreign exchange trading for three days in an attempt to halt the currency's depreciation.

By the time that State President P. W. Botha made his Rubicon speech on 15 August 1985, it had weakened to R2.40 per dollar. The currency recovered somewhat between 1986 and 1988, trading near the R2 level usually and breaking beneath it sporadically. The recovery was short-lived; by the end of 1989, the rand was trading at more than R2.50 per dollar.

As it became clear in the early 1990s that the country was destined for Black majority rule and one reform after the other was announced, uncertainty about the country's future hastened the depreciation until the level of R3 to the dollar was breached in November 1992. A host of local and international events influenced the currency after that, most notably the 1994 general election, which had it weaken to over R3.60 to the dollar; the election of Tito Mboweni as the governor of the South African Reserve Bank; and the inauguration of President Thabo Mbeki in 1999, which had it quickly slide to over R6 to the dollar. The controversial land reform programme that was initiated in Zimbabwe, followed by the September 11 attacks, propelled it to its weakest historical level of R13.84 to the dollar in December 2001.

#### 2001–2011

Two generations of older notes and coins, later replaced with the "Big Five" notes, which were in turn replaced to show the face of Nelson Mandela in 2012.[10]

This sudden depreciation in 2001 led to a formal investigation and a dramatic recovery. By the end of 2002, the currency was trading under R9 for the dollar again, and by the end of 2004, it was trading under R5.70. The currency softened somewhat in 2005, trading around R6.35 to the dollar at the end of the year. At the start of 2006, however, the currency resumed its rally and, on 19 January 2006, was trading under R6 to the dollar again. However, the rand weakened significantly during the second and third quarters of 2006 (i.e., April through September).

In sterling terms, it fell from around 9.5% to just over 7%, losing some 25% of its international trade-weighted value in six months. In late 2007, the rand rallied modestly to just over 8%, only to experience a precipitous slide during the first quarter of 2008.

This downward slide could be attributed to a range of factors: South Africa's worsening current account deficit, which widened to a 36‑year high of 7.3% of gross domestic product (GDP) in 2007; inflation at a five-year high of just under 9%; escalating global risk aversion as investors' concerns over the spreading impact of the subprime crisis grew; and a general flight to "safe havens," away from the perceived risks of emerging markets. The rand depreciation was exacerbated by the Eskom electricity crisis, which arose from the utility's inability to meet the country's rapidly growing energy demands.

#### 2012–present

A stalled mining industry in late 2012 led to new lows in early 2013.[11] In late January 2014, the rand slid to R11.25 to the dollar, with analysts attributing the shift to "word from the US Federal Reserve that it would trim back stimulus spending, which led to a massive sell-off in emerging economies."[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 and 2015, reaching an all-time high of R12.45 in December 2001 and a record low of R0.67 in June of 1973.[13] By the end of 2014, the rand had weakened to R15.05 per dollar, partly due to South Africa's consistent trade account deficit with the rest of the world.

From 9 to 13 December 2015, over four days, the rand dropped over 10% due to what some suspected was President Jacob Zuma's surprise announcement that he would be replacing the Finance Minister Nhlanhla Nene with the little-known David van Rooyen. The rapid decline in value stemmed from when Zuma backtracked and announced that the better-known previous Minister of Finance, Pravin Gordhan, would instead be appointed to the post. Zuma's surprise sacking of Nene damaged international confidence in the rand, and the exchange rate was volatile throughout much of January 2016 and reached an all-time low of R17.9169 to the US dollar on 9 January 2016 before rebounding to R16.57 later the same day.[14]

The January drop in value was also partly caused by Japanese retail investors cutting their losses in the currency to look for higher-yield investments elsewhere and due to concerns over the impact of the economic slowdown in China, South Africa's largest export market.[15] By mid-January, economists were speculating that the rand could expect to see further volatility for the rest of 2016.[16][17] By 29 April, it reached its highest performance over the previous five months, exchanging at a rate of R14.16 to the United States dollar.[18]

Following the United Kingdom voting to leave the European Union, the rand dropped in value over 8% against the US$ on 24 June 2016, the currency's largest single-day decline since the 2008 economic crash.[19] This was partly due to a general global financial retreat from currencies seen as risky to the US dollar[20] and partly due to concerns over how British withdrawal from the EU would impact the South African economy and trade relations.[19][21]

In April 2017, a Reuters poll estimated that the rand would remain relatively stable for the rest of the year, as two polls found that analysts had already factored in a possible downgrade to "junk" status. At the time, Moody's rated South Africa two notches above junk status.[22] After President Jacob Zuma narrowly won a motion of no confidence in South Africa in August 2017, the rand continued to slide, dropping 1.7% that same day.[23] In September 2017, Goldman Sachs said that the debt and corruption of Eskom Holdings was the biggest risk to South Africa's economy and the exchange rate of the rand. At that time, Eskom Holdings had no permanent CEO, and Colin Coleman of Goldman Sachs in Africa stated that the company was "having discussions on solutions" to find credible management.[24] In October 2017, the rand firmed against the US dollar as it recovered from a six-month low. Olivia Kumwenda-Mtambo noted, "South Africa is highly susceptible to global investor sentiment as the country relies on foreign money to cover its large budget and current account deficits."[25] On 13 November 2017, the rand fell by over 1% when the budget chief, Michael Sachs, stepped down from his position in Zuma's administration.[26]

In October 2022, the rand sank to its lowest point in two years, reaching R18.46 to the US dollar on 25 October 2022.[27] The rand has never suffered from much inflation compared to other African currencies, with the same value as other currencies such as the Euro, US dollar and Renminbi since 2016.[28][29] The rand began appreciating in value in 2024 compared to the USD, and it remained stable.[30][31]

## Coins

A 5 rand bimetallic coin issued in 2004.

Coins were introduced in 1961 in denominations of ​1⁄2, 1, ​2 1⁄2, 5, 10, 20, and 50 cents. In 1965, the introduction of 2-cent coins replaced the ​2 1⁄2 cent coins. The ​1⁄2 cent coin was last struck for circulation in 1973. The 1 rand coin for circulation was introduced in 1967, followed by 2 rand coins in 1989 and 5 rand coins in 1994. Production of the 1- and 2-cent coins was discontinued in 2002, followed by 5-cent coins in 2012, primarily due to inflation having devalued them, but they remain legal tender.[32][33][34][35] Shops normally round the total purchase price of goods to the nearest 10 cents.

To curb counterfeiting, a new 5-rand coin was released in August 2004. Security features introduced on the coin include a bimetal design (similar to the €1 and €2 coins, the Thai ฿10 coin, the pre-2018 Philippine ₱10 coin, the British £2 coin, and the Canadian $2 coin), a specially serrated security groove along the rim, and microlettering.[36]

On 3 May 2023, the South African Reserve Bank announced that a new series of coins would be released. These will have the same denominations as the previous series. The 10c will feature an image of the Cape Honey Bee, the 20c the Bitter Aloe, the 50c the Knysna Turaco, the R1 the Springbok, the R2 the King Protea, and the R5 the Southern Right Whale.[37][38]

## Banknotes

The first series of rand banknotes was introduced in 1961 in denominations of 1, 2, 10, and 20 rand, with similar designs and colours to the preceding pound notes to ease the transition. They bore the image of what was believed at the time to be Jan van Riebeeck, the first VOC administrator of Cape Town. It was later discovered that the original portrait was not, in fact, Van Riebeeck at all, but a portrait of Bartholomew Vermuyden had been mistaken for Van Riebeeck.[39][40]

The 1978 series started with denominations of 2, 5, 10, and 20 rand, with a 50 rand introduced in 1984. This series had only one language variant for each denomination of note. The 2, 10, and 50 rand had Afrikaans first, while the 5 and 20 rand had English first. A coin replaced the one-rand note.

Rand banknotes and coins.

South African ATM showing R50 and R100 banknotes.

The 2005 series has the same principal design but with additional security features, such as colour-shifting ink on the 50 rand and higher and the EURion constellation. The obverses of all denominations were printed in English, while two other official languages were printed on the reverse, thus using all 11 official languages of South Africa.

In 2010, the South African Reserve Bank and commercial banks withdrew all 1994 series 200-rand banknotes due to relatively high-quality counterfeit notes in circulation.[41]

In 2011, the South African Reserve Bank issued defective 100 rand banknotes that lacked fluorescent printing visible under UV light. In June, the printing of this denomination was moved from the South African Bank Note Company to Crane Currency's Swedish division (Tumba Bruk), which reportedly produced 80 million 100 rand notes.[42] The South African Reserve Bank shredded 3.6 million 100-rand banknotes printed by Crane Currency because they had the same serial numbers as a batch printed by the South African Bank Note Company. In addition, the notes printed in Sweden were not the correct colour and were 1 mm short.[43]

On 11 February 2012, President Jacob Zuma announced that the country would be issuing a new set of banknotes bearing Nelson Mandela's image.[44][45] They were entered into circulation on 6 November 2012.[46] These contained the same denominations of 10, 20, 50, 100, and 200 rand.

In 2013, the 2012 series was updated with the addition of the EURion constellation to all five denominations.[47] They were entered into circulation on 6 November 2013.

On 18 July 2018, a special commemorative series of banknotes was released in commemoration of the 100th anniversary of Nelson Mandela's birth. This series includes notes of all denominations: 10, 20, 50, 100, and 200 rand. These notes will circulate alongside the existing notes.[48] The notes depict the standard face of Nelson Mandela on the obverse. Still, instead of the Big Five animals on the reverse, they show a younger Mandela with different iconic scenes relating to his legacy. These scenes comprise the rolling hills of the Eastern Cape, featuring Mandela's humble birthplace of Mvezo (10 rand); the home of Mandela in Soweto, where he defined his political life alongside other struggle icons (20 rand); the site where Mandela was captured near Howick, following 17 months in hiding, where a monument to him has been erected (50 rand); the place of Mandela's 27-year imprisonment at Robben Island, showing a pile of quarried limestone (100 rand); and the statue of Mandela at the Union Buildings in remembrance of when he was inaugurated there in 1994 (200 rand).[49][50][51]

On 3 May 2023, the South African Reserve Bank announced that a new series of banknotes would retain the image of Nelson Mandela on the obverse while showing the Big 5 in a family depiction on the reverse.[37] This series contains the same denominations of 10, 20, 50, 100, and 200 rand.

### First series

Banknotes of the South African rand (1961 First Issue)[52]

Image | Value | Obverse | Reverse | Colour | Language | Size (mm)
[53] | 1 rand  | Jan van Riebeeck | Lion from coat of arms  | Brown  | Afrikaans/English, English/Afrikaans  | 136×78
[54] | 2 rand  | Blue  | 149×84
[55] | 10 rand  | Jan van Riebeeck's sailing ship  | Green  | 170×96
[56] | 20 rand  | Gold mine  | Purple  | 176×103

### Second series

Banknotes of the South African rand (1966 Second Issue)[52]

Image | Value | Obverse | Reverse | Colour | Language | Size (mm)
[57] | 1 rand  | Jan van Riebeeck and protea  | Farming and agriculture  | Brown  | Afrikaans/English, English/Afrikaans  | 128×64
| 1 rand | 120×57
| 2 rand  | Jan van Riebeeck, Cape Dutch architecture and vines  | Gariep Dam, pylon and maize cob  | Blue  | 127×63
[58] | 5 rand  | Jan van Riebeeck, Voortrekker Monument and Great Trek  | Mining  | Purple  | 134×70
[59] | 10 rand  | Jan van Riebeeck, Union Buildings and springbok  | Jan van Riebeeck's three ships  | Green  | 140×76

### Third series

Banknotes of the South African rand (1978 Third Issue)[52]

Image | Value | Obverse | Reverse | Colour | Language | Size (mm)
[60] | 2 rand  | Jan van Riebeeck and pylon  | Sasol coal to oil refinery  | Blue  | Afrikaans and English  | 120×57
[61] | 5 rand  | Jan van Riebeeck and diamonds  | Mining and Johannesburg city centre  | Purple  | 127×63
[62] | 10 rand  | Jan van Riebeeck and protea  | Agriculture  | Green  | 133×70
[63] | 20 rand  | Jan van Riebeeck, Cape Dutch architecture and vines  | Jan van Riebeeck's three ships and Coat of Arms of South Africa  | Brown  | 140×77
[64] | 50 rand  | Jan van Riebeeck and lion  | Fauna and flora  | Red  | 147×83

### Fourth series

Banknotes of the South African rand (1992 Fourth Issue "Big Five")[52][65]

Image | Value | Obverse | Reverse | Colour | Language | Size (mm)
[66] | 10 rand  | Rhinoceros  | Agriculture  | Green  | Afrikaans and English  | 128×70
[67] | 20 rand  | Elephants | Mining  | Brown  | English and Afrikaans  | 134×70
[68] | 50 rand  | Lions | Manufacturing  | Red  | Afrikaans and English  | 140×70
[69] | 100 rand  | Cape buffaloes  | Tourism  | Blue  | English and Afrikaans  | 146×70
[70] | 200 rand  | Leopards | Transport and communication  | Orange  | Afrikaans and English  | 152×70

### Fifth series

Banknotes of the South African rand (2005 Fifth Issue "English & Other Official Languages")[52]

Image | Value | Obverse | Reverse | Colour | Language | Size (mm)
[71] | 10 rand  | Rhinoceros  | Agriculture  | Green  | English, Afrikaans, Swati  | 128×70
[72] | 20 rand  | Elephants | Mining  | Brown  | English, Southern Ndebele, Tswana  | 134×70
[73] | 50 rand  | Lions | Manufacturing  | Red  | English, Venda, Xhosa  | 140×70
[74] | 100 rand  | Cape buffaloes  | Tourism  | Blue  | English, Northern Sotho, Tsonga  | 146×70
[75] | 200 rand  | Leopards | Transport and communication  | Orange  | English, Sotho, Zulu  | 152×70

### Sixth series

Banknotes of the South African rand (2012 Sixth Issue "Nelson Mandela")[52]

Image | Value | Obverse | Reverse | Colour | Language | Size (mm)
[76] | 10 rand  | Nelson Mandela | Rhinoceros  | Green  | English, Afrikaans, Swati  | 128×70
[77] | 20 rand  | Elephant | Brown  | English, Southern Ndebele, Tswana  | 134×70
[78] | 50 rand  | Lion | Red  | English, Venda, Xhosa  | 140×70
[79] | 100 rand  | Cape buffalo  | Blue  | English, Northern Sotho, Tsonga  | 146×70
[80] | 200 rand  | Leopard | Orange  | English, Sotho, Zulu  | 152×70

### Seventh series

Banknotes of the South African rand (2018 Seventh Issue "Nelson Mandela Centenary")

Image | Value | Obverse | Reverse | Colour | Language | Size (mm)
[81] | 10 rand  | Nelson Mandela | Young Mandela and his birthplace of Mvezo  | Green  | English, Afrikaans, Swati  | 128×70
[82] | 20 rand  | Young Mandela and his home in Soweto  | Brown  | English, Southern Ndebele, Tswana  | 134×70
[83] | 50 rand  | Young Mandela and the site of his capture near Howick  | Red  | English, Venda, Xhosa  | 140×70
[84] | 100 rand  | Young Mandela and his place of imprisonment at Robben Island  | Blue  | English, Northern Sotho, Tsonga  | 146×70
[85] | 200 rand  | Young Mandela and his statue at the Union Buildings  | Orange  | English, Sotho, Zulu  | 152×70

### Eighth series

Banknotes of the South African rand (2023 Eighth Issue "Big 5 Families")[86]

Image | Value | Obverse | Reverse | Colour | Language | Size (mm)
| 10 rand  | Nelson Mandela | Rhinoceros  | Green  | English, Afrikaans, Swati  | 128×70
| 20 rand  | Elephant | Brown  | English, Tswana, Ndebele  | 134×70
| 50 rand  | Lion | Purple  | English, Xhosa, Venda  | 140×70
| 100 rand  | Cape buffalo  | Blue  | English, Sepedi, Tsonga  | 146×70
| 200 rand  | Leopard | Orange  | English, Zulu, Sotho  | 152×70

### Exchange rate

Current ZAR exchange rates

From Google Finance:  | AUD CAD CHF CNY EUR GBP HKD JPY USD INR NGN JPY
From Yahoo! Finance:  | AUD CAD CHF CNY EUR GBP HKD JPY USD INR NGN JPY
From XE.com:  | AUD CAD CHF CNY EUR GBP HKD JPY USD INR NGN JPY
From OANDA:  | AUD CAD CHF CNY EUR GBP HKD JPY USD INR NGN JPY

## See also

* Financial rand
* Witwatersrand
* Krugerrand
* Coins of the South African rand
* South African pound
* Economy of South Africa

## Note

1. ↑ From Zuid-Afrikaanse rand ("South African rand"); the ZA is a historical relic from Dutch, used because "SA" is allocated to Saudi Arabia.

## References

1. ↑ "Summary of Acts Related to Decimal Comma". https://www.sahpra.org.za/wp-content/uploads/2020/01/2.38_SI_Metric_System_Mar19_v3.pdf.
2. ↑ "From Van Riebeeck to Madiba". News24. 2012-09-12. http://www.news24.com/archives/witness/from-van-riebeeck-to-madiba-20150430.
3. ↑ "The Reserve Bank and the Rand: Some historic reflections". Resbank.co.za. 29 November 2001. http://www.resbank.co.za/Publications/Speeches/Detail-Item-View/Pages/default.aspx?sarbweb=3b6aa07d-92ab-441f-b7bf-bb7dfb1bedb4&sarblist=a01d874c-c3f6-4b93-a9dc-c984cf8652cf&sarbitem=200.
4. ↑ A General's Story: from an Era of War and Peace , Jannie Geldenhuys, Jonathan Ball, 1995, page 32
5. ↑ "'Decimal Dan' Sings: Catchy Tune Teaches New Currency". The Spokesman-Review. 10 January 1961. https://news.google.com/newspapers?id=0jJWAAAAIBAJ&pg=7142,3054777.
6. ↑ Video on YouTube
7. ↑ Elwyn Jenkins (2007). Falling Into Place: The Story of Modern South African Place Names. New Africa Books. pp. 23–. ISBN 978-0-86486-689-9. https://books.google.com/books?id=RZnXHoMQ_hkC&pg=PA23.
8. ↑ "Selected Historical Rates". https://www.resbank.co.za/en/home/what-we-do/statistics/key-statistics/selected-historical-rates.
9. ↑ "U.S. Dollar to South African Rand Spot Exchange Rates for 1975 to 2020 from the Bank of England" (in en-gb). https://www.poundsterlinglive.com/bank-of-england-spot/historical-spot-exchange-rates/usd/USD-to-ZAR.
10. ↑ "Nelson Mandela banknotes issued in South Africa" (in en-GB). BBC News. 2012-11-06. https://www.bbc.com/news/world-africa-20218074.
11. ↑ "Rand vs the dollar in 2013". 2 January 2014. https://businesstech.co.za/news/general/51095/rand-vs-the-dollar-in-2013/.
12. ↑ "Rand vs the dollar in 2014". 17 December 2014. https://businesstech.co.za/news/general/76022/rand-vs-the-dollar-in-2014/.
13. ↑ 13.0 13.1 13.2 "A Rand value: 1994 – 2015". 12 March 2015. https://businesstech.co.za/news/general/82273/sa-rand-value-1994-2015/.
14. ↑ Paul Vecchiatto Michael Cohen (11 January 2016). "Zuma Begins Fightback as South Africa's Rand Gets Hammered". Bloomberg. https://www.bloomberg.com/news/articles/2016-01-11/zuma-begins-fightback-as-south-africa-s-rand-gets-hammered.
15. ↑ "Africa Hit by China's Woes". Wall Street Journal. 11 January 2016. https://www.wsj.com/articles/south-african-rand-falls-to-fresh-record-low-1452507129.
16. ↑ Candice Zachariahs (11 January 2016). "Why the rand will face more manic Mondays after plunging 9%". Fin24. http://www.fin24.com/Markets/Currencies/rand-faces-more-manic-mondays-as-japan-currency-romance-unwinds-20160111.
17. ↑ Candice Zachariahs (11 January 2016). "Rand sinks most in 7 years as traders fret over China, liquidity". Fin24. http://www.fin24.com/Markets/Currencies/rand-sinks-most-since-2008-as-traders-fret-over-china-liquidity-20160111.
18. ↑ "NOTICIAS - Prensa Latina". Prensa-latina.cu. http://www.prensa-latina.cu/index.php?option=com_content&task=view&id=4836251&Itemid=15. Retrieved 2022-03-16.
19. ↑ 19.0 19.1 "Rand slumps more than 8% against dollar | IOL". http://www.iol.co.za/business/markets/currencies/rand-slumps-more-than-8-against-dollar-2038150.
20. ↑ "Brexit vote shocker sends global markets into tailspin". http://www.cbc.ca/news/business/brexit-vote-business-impact-1.3650553.
21. ↑ Kuo, Lily (24 June 2016). "Brexit will be terrible for Africa's largest economies" (in en-US). http://qz.com/715710/brexit-could-be-terrible-for-africas-largest-economies/.
22. ↑ "South Africa's rand expected to stabilize for rest of year: Reuters poll". 6 April 2017. https://www.reuters.com/article/us-forex-poll-safrica/south-africas-rand-expected-to-stabilize-for-rest-of-year-reuters-poll-idUSKBN1781MA.
23. ↑ "South African rand continues to fall after Zuma vote". 9 August 2017. https://www.ft.com/content/9e9437ba-ee64-3589-8cb7-5c81b773a061.
24. ↑ "Goldman Sees Eskom as Biggest Risk to South African Economy". 22 September 2017. https://www.bloomberg.com/news/articles/2017-09-22/goldman-sachs-sees-eskom-as-biggest-risk-to-s-african-economy.
25. ↑ Kumwenda-Mtambo, Olivia (9 October 2017). "South Africa's rand recovers after hitting a 6-month low". https://www.reuters.com/article/safrica-markets/south-africas-rand-recovers-after-hitting-6-month-low-idUSL8N1ML0ZI.
26. ↑ "South African rand continues to fall after Zuma vote". 13 November 2017. https://www.ft.com/content/b0d5c58c-c87f-11e7-ab18-7a9fb7d6163e.
27. ↑ "Rand nears weakest point in two years as load shedding continues". The Citizen. 25 October 2022. https://www.citizen.co.za/business/rand-dollar-load-shedding-october-2022/.
28. ↑ "Most Stable Currencies in Africa | FXOpen". 21 December 2023. https://fxopen.com/blog/en/most-stable-currencies-in-africa/.
29. ↑ October 2019, Linda Kallis-10. "Allan Gray | Making sense of the rand". https://www.allangray.co.za/latest-insights/markets-and-economy/making-sense-of-the-rand/.
30. ↑ Sunday, Chinomso (6 March 2025). "Rand Strengthens While Markets React to Trump's Policies". https://newscentral.africa/rand-strengthens-while-markets-react-to-trumps-policies/.
31. ↑ "South African rand stable as markets digest Trump tariffs". Reuters. 4 March 2025. https://www.reuters.com/world/africa/south-african-rand-weaker-ahead-local-gdp-data-trump-tariffs-focus-2025-03-04/.
32. ↑ "One Cent (1c)". South African Mint. http://www.samint.co.za/1c.aspx.
33. ↑ "Two Cent (2c)". South African Mint. http://www.samint.co.za/2c.aspx.
34. ↑ "5 cent coin to be discontinued". South African Government Information. 2011-11-24. http://www.timeslive.co.za/politics/2011/11/24/5c-coin-to-be-discontinued.
35. ↑ "South African currency". South African Reserve Bank. http://www.resbank.co.za/BanknotesandCoin/SouthAfricanCurrency/Pages/South African currency.aspx.
36. ↑ "South Africa's new R5 coin". SouthAfrica.info. 28 July 2004. http://www.southafrica.info/services/consumer/fiverandcoin.htm.
37. ↑ 37.0 37.1 "The South African Reserve Bank (SARB) released the upgraded Mandela banknotes and fourth decimal coin series on 3 May 2023.". South African Reserve Bank. 3 May 2023. https://www.resbank.co.za/en/home/what-we-do/banknotes-and-coin.
38. ↑ "Coins". South African Reserve Bank. 3 May 2023. https://www.resbank.co.za/en/home/what-we-do/banknotes-and-coin/Coins.
39. ↑ "So whose face was on old SA money?". 8 January 2015. http://www.iol.co.za/business/news/so-whose-face-was-on-old-sa-money-1.1802578#.VaP2wahVhBc.
40. ↑ "Portrait of a Man, thought to be Bartholomeus Vermuyden (1616/17-1650), Dirck Craey, 1650". Rijksmuseum. https://www.rijksmuseum.nl/en/collection/SK-A-808.
41. ↑ "Statement issued by the SARB Governor, Ms G Marcus on counterfeit notes in circulation". South African Reserve Bank. 21 April 2010. http://www.reservebank.co.za/internet/publication.nsf/WhatsNew/17008C92436B903E4225770C004F3D00?opendocument.
42. ↑ "South Africa faulty 100-rand notes reported | Africa". BanknoteNews.com. 2010-12-05. http://banknotenews.com/files/b913dba05a4507cffab96b420ee2c3e2-1361.php.
43. ↑ "South Africa shreds 3.6 million defective 100-rand notes | Africa". BanknoteNews.com. 2012-05-20. http://banknotenews.com/files/f3856fcaa94243e2d18998dd999f8663-2105.php.
44. ↑ "Nelson Mandela banknotes to be issued by South Africa". BBC. 11 February 2012. https://www.bbc.com/news/world-africa-16996809.
45. ↑ "Announcement of the Introduction of a New Note Series". Resbank.co.za. http://www.resbank.co.za/Publications/Detail-Item-View/Pages/Publications.aspx?sarbweb=3b6aa07d-92ab-441f-b7bf-bb7dfb1bedb4&sarblist=21b5222e-7125-4e55-bb65-56fd3333371e&sarbitem=4955.
46. ↑ "Nelson Mandela banknotes issued in South Africa". BBC News. 6 November 2012. https://www.bbc.co.uk/news/world-africa-20218074.
47. ↑ "South Africa new banknotes with Omron rings reported". BankNote News. 6 November 2013. http://www.banknotenews.com/files/76e517995e840730198f99a74e434796-2785.php.
48. ↑ "New bank notes to honour Nelson Mandela's centenary". BusinessTech. 11 February 2018. https://businesstech.co.za/news/government/224593/new-bank-notes-to-honour-nelson-mandelas-centenary.
49. ↑ "This is what South Africa's new Mandela bank notes look like". BusinessTech. 13 June 2018. https://businesstech.co.za/news/finance/250623/this-is-what-south-africas-new-mandela-bank-notes-look-like.
50. ↑ "PICS: New Nelson Mandela banknotes launched". IOL. 13 July 2018. https://www.iol.co.za/pretoria-news/pics-new-nelson-mandela-banknotes-launched-15995268.
51. ↑ "#Madiba100 commemorative notes and coin have a new look and feel". IOL. 14 July 2018. https://www.iol.co.za/pretoria-news/news/madiba100-commemorative-notes-and-coin-have-a-new-look-and-feel-16013278.
52. ↑ 52.0 52.1 52.2 52.3 52.4 52.5 Wirz, Heinz. Dr Heinz Wirz on the Bank Notes of South Africa. Volume II - The South African rand (7th ed.).
53. ↑ "My Currency Collection: South Africa Currency 1 Rand banknote 1965 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-1-rand-banknote-1965-jan-van-riebeeck.html.
54. ↑ "My Currency Collection: South African Currency 2 Rand banknote 1965 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-2-rand-banknote-1965-jan-van-riebeeck.html.
55. ↑ "My Currency Collection: South Africa Currency 10 Rand banknote 1961 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-10-rand-banknote-1961-jan-van-riebeeck.html.
56. ↑ "My Currency Collection: South African Currency 20 Rand banknote 1962 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-20-rand-banknote-1962-jan-van-riebeeck.html.
57. ↑ "My Currency Collection: South Africa Currency 1 Rand banknote 1967 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-1-rand-banknote-1967-jan-van-riebeeck.html.
58. ↑ "My Currency Collection: South African Currency 5 Rand banknote 1967 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-5-rand-banknote-1967-jan-van-riebeeck.html.
59. ↑ "My Currency Collection: South Africa Currency 10 Rand banknote 1967 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-10-rand-banknote-1967-jan-van-riebeeck.html.
60. ↑ "My Currency Collection: South African Currency 2 Rand banknote 1978 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-2-rand-banknote-1978-jan-van-riebeeck.html.
61. ↑ "My Currency Collection: South Africa Currency 5 Rand banknote 1978 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-5-rand-banknote-1978-jan-van-riebeeck.html.
62. ↑ "My Currency Collection: South African Currency 10 Rand banknote 1978 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-10-rand-banknote-1978-jan-van-riebeeck.html.
63. ↑ "My Currency Collection: South Africa Currency 20 Rand banknote 1990 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-20-rand-banknote-1990-jan-van-riebeeck.html.
64. ↑ "My Currency Collection: South African Currency 50 Rand banknote 1984 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-50-rand-banknote-1984-jan-van-riebeeck.html.
65. ↑ "Banknotes". Where's My Moola. http://www.wheresmymoola.co.za/south-african-money/banknotes.html.
66. ↑ "My Currency Collection: South Africa Currency 10 Rand banknote 1999 White Rhinoceros". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-10-rand-banknote-1999-white-rhinoceros.html.
67. ↑ "My Currency Collection: South African Currency 20 Rand banknote 1993 African Savanna Elephant". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-20-rand-banknote-1993-african-savanna-elephant.html.
68. ↑ "My Currency Collection: South Africa Currency 50 Rand banknote 1992 Transvaal Lion". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-50-rand-banknote-1992-transvaal-lion.html.
69. ↑ "My Currency Collection: South African Currency 100 Rand banknote 1999 Cape Buffalo". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-100-rand-banknote-1999-cape-buffalo.html.
70. ↑ "My Currency Collection: South Africa Currency 200 Rand banknote 1994 African leopard". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-200-rand-banknote-1994-african-leopard.html.
71. ↑ "My Currency Collection: South African Currency 10 Rand banknote 2005 White Rhino". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-10-rand-banknote-2005-white-rhino.html.
72. ↑ "My Currency Collection: South Africa Currency 20 Rand banknote 2005 African Bush Elephant". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-20-rand-banknote-2005-african-bush-elephant.html.
73. ↑ "My Currency Collection: South African Currency 50 Rand banknote 2005 Transvaal Lion". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-50-rand-banknote-2005-transvaal-lion.html.
74. ↑ "My Currency Collection: South Africa Currency 100 Rand banknote 2005 African Buffalo". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-100-rand-banknote-2005-african-buffalo.html.
75. ↑ "My Currency Collection: South African Currency 200 Rand banknote 2005 African Leopard". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-200-rand-banknote-2005-african-leopard.html.
76. ↑ "My Currency Collection: South Africa Currency 10 Rand banknote 2012 President Nelson Mandela". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-10-rand-banknote-2012-president-nelson-mandela.html.
77. ↑ "My Currency Collection: South African Currency 20 Rand banknote 2012 President Nelson Mandela". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-20-rand-banknote-2012-president-nelson-mandela.html.
78. ↑ "My Currency Collection: South Africa Currency 50 Rand banknote 2012 President Nelson Mandela". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-50-rand-banknote-2012-president-nelson-mandela.html.
79. ↑ "My Currency Collection: South African Currency 100 Rand banknote 2012 President Nelson Mandela". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-100-rand-banknote-2012-president-nelson-mandela.html.
80. ↑ "My Currency Collection: South Africa Currency 200 Rand banknote 2013 President Nelson Mandela". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-200-rand-banknote-2013-president-nelson-mandela.html.
81. ↑ "My Currency Collection: South African Currency 10 Rand Commemorative banknote 2018 Nelson Mandela Centenary". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-10-rand-commemorative-banknote-2018-nelson-mandela-centenary.html.
82. ↑ "My Currency Collection: South Africa Currency 20 Rand Commemorative banknote 2018 Nelson Mandela Centenary". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-20-rand-commemorative-banknote-2018-nelson-mandela-centenary.html.
83. ↑ "My Currency Collection: South African Currency 50 Rand Commemorative banknote 2018 Nelson Mandela Centenary". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-50-rand-commemorative-banknote-2018-nelson-mandela-centenary.html.
84. ↑ "My Currency Collection: South Africa Currency 100 Rand Commemorative banknote 2018 Nelson Mandela Centenary". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-100-rand-commemorative-banknote-2018-nelson-mandela-centenary.html.
85. ↑ "My Currency Collection: South African Currency 200 Rand Commemorative banknote 2018 Nelson Mandela Centenary". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-200-rand-commemorative-banknote-2018-nelson-mandela-centenary.html.
86. ↑ "Banknotes". South African Reserve Bank. https://www.resbank.co.za/en/home/what-we-do/banknotes-and-coin/Banknotes.

## Further reading

* Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
* Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues (7th ed.). Krause Publications. ISBN 0-87341-207-9.

## External links

* Decimal Coinage (1962): Newsreel of South Africa's conversion to the Rand, British Pathé
* South African Reserve Bank Currency Page
* US Federal Reserve Bank historical exchange rate data
* South African Currency Page, with a short description of each note.
* South African Currency Page (old rand), a short description of pre-1994 (apartheid-era) notes.
* Historical banknotes of South Africa Script error: The function "in_lang" does not exist.
* Bank of England exchange rate ZAR vs GBP since 2001–present

Preceded by:
South African pound
Reason: decimalisation
Ratio: 2 rand = 1 South African pound = 1 British pound | Currency of South Africa
1961 - | Succeeded by:
Current

|
|

Currency of South West Africa
1961 - 1990
Note: administered by/occupied by South Africa since 1915 | Currency of Namibia
1990 - 1993

Template:N-legaltender

| Succeeded by:
Namibian dollar
Reason: withdrawal from Common Monetary Area
Ratio: at par
Note: dollar introduced in 1993, with South African rand remaining legal tender
Currency of Basutoland
1961 - 1966  | Currency of Lesotho
1966 - 1980

Template:N-legaltender

| Succeeded by:
Lesotho loti
Note: loti introduced in 1980, with South African rand remaining legal tender
Currency of Eswatini
1961 - 1974

Template:N-legaltender Template:N-circulates

| Succeeded by:
Swazi lilangeni
Note: lilangeni introduced in 1974. South African rand continues to circulate unofficially
Currency of Bechuanaland Protectorate
1961 - 1966  | Currency of Botswana
1966 - 1976  | Succeeded by:
Botswana pula
Reason: creation of independent currency

Template:Economy of South Africa

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Currencies of Africa

North|

* Algerian dinar
* Egyptian pound
* Euro
* Libyan dinar
* Mauritanian ouguiya
* Moroccan dirham
* Sahrawi peseta (unrecognized)
* Sudanese pound
* Tunisian dinar

Central|

* Angolan kwanza
* Burundian franc
* Central African CFA franc
* Congolese franc
* Rwandan franc

East|

* Comorian franc
* Djiboutian franc
* Eritrean nakfa
* Ethiopian birr
* Kenyan shilling
* Seychellois rupee
* Somali shilling
* Somaliland shilling (unrecognized)
* South Sudanese pound
* Tanzanian shilling
* Ugandan shilling

South|

* Botswana pula
* Sterling
* Euro
* Lesotho loti
* Malagasy ariary
* Malawian kwacha
* Mauritian rupee
* Mozambican metical
* Namibian dollar
* Saint Helena pound
* South African rand
* Swazi lilangeni
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* Zimbabwean ZiG
* mosi-oa-Tunya

West|

* Cape Verdean escudo
* Euro
* Gambian dalasi
* Ghanaian cedi
* Guinean franc
* Liberian dollar
* Nigerian naira
* São Tomé and Príncipe dobra
* Sierra Leonean leone
* U.S. dollar
* West African CFA franc

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