South African Rand · ZAR
R symbol · 1 country currently using this currency.
Currency info
Adopted: 1961
Currency family: Other
The rand's name derives from the Witwatersrand, the gold-rich ridge in Johannesburg where much of South Africa's wealth originated.
- Introduced in 1961 when South Africa became a republic, replacing the South African pound
- Initially pegged to the British pound, later to a basket of currencies
- Experienced significant devaluation during the apartheid era and post-1994 transition
- Became a freely floating currency in 1995 as part of South Africa's democratic reforms
- Managed by the South African Reserve Bank since its establishment
Countries currently using this currency
Related
Other Other currencies
Historical predecessor
South African pound