South African Rand (ZAR) - Profile, History, and Exchange Information

South African Rand

The South African Rand is a crucial currency in Africa, serving as a key medium of exchange in South Africa and neighboring countries. South Africa is one of the continent’s largest economies, with major industries in mining, manufacturing, finance, and tourism.

The Rand is a freely floating currency, meaning its value fluctuates based on global market conditions, trade balances, and economic performance. Factors such as commodity prices, inflation rates, and political stability also influence the currency’s strength.

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Importance of the South African Rand

About South African Rand

The Rand was introduced in 1961, replacing the South African pound when South Africa became a republic. Initially, it was pegged to the British Pound and later to the US Dollar, but it transitioned to a floating exchange rate in the 1970s.

Due to South Africa’s rich mineral resources, including gold, platinum, and diamonds, the Rand has historically been linked to the country’s commodity exports. However, its value has also been subject to fluctuations caused by global economic conditions and domestic challenges.

South African Rand Stats
Name	South African Rand
Symbol	R
Code	ZAR
Minor Unit	1/100 = Cent
Top ZAR Conversion	Top ZAR Conversion