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Wikipedia

South African rand

The rand (sign: R; code: ZAR) is the official currency of South Africa. It is subdivided into 100 cents (sign: "c").

South African rand
List
ISO 4217
CodeZAR
Number710
Exponent2
Denominations
Subunit
1/100Cent
Pluralrand
SymbolR
Centc
BanknotesR 10, R 20, R 50, R 100, R 200
Coins10c, 20c, 50c, R 1, R 2, R 5, Krugerrand
Demographics
Official user(s)South Africa
Namibia
Lesotho
Eswatini
Unofficial user(s)Angola
Malawi
Zambia
Zimbabwe
Issuance
Central bankSouth African Reserve Bank
Websitewww.resbank.co.za
PrinterSouth African Bank Note Company
MintSouth African Mint
Websitewww.samint.co.za
Valuation
Inflation4.1% (South Africa only)
SourceSouth African Reserve Bank, March 2020
MethodCPI
Pegged by Namibian dollar
Lesotho loti
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 dollar (suspended indefinitely from 12 April 2009), euro, US dollar, pound sterling, Botswana pula, Indian rupee, Australian dollar, Chinese yuan, and Japanese yen. The US dollar has been adopted as the official currency for all government transactions.

The South African rand is also legal tender in the Common Monetary Area member states of Namibia, Lesotho and Eswatini. Although these three countries each have their own national currency (the dollar, the loti and the lilangeni respectively), all three have been pegged with the rand at par since their introductions, and the rand is still widely accepted as a substitute for them. The rand was also legal tender in Botswana until 1976, when the pula replaced the rand at par.

Contents

The rand takes its name from the Witwatersrand ("white waters' ridge" in English, rand being the Dutch and Afrikaans word for 'ridge'), the ridge upon which Johannesburg is built and where most of South Africa's gold deposits were found.

The rand was introduced in the Union of South Africa on 14 February 1961, three months before the country declared itself a republic. 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. 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). This was accompanied by a radio jingle, to inform the public about the new currency. Although pronounced in the Afrikaans style as in the jingles when introduced, the contemporary pronunciation in South African English is.

Brief exchange rate history

1971–2000

Value of the South African rand to the United States dollar from 1975-2015 by the blue columns: The percentage rate of change year-on-year is shown by the black line.

One rand was worth US$1.40 (R 0.72 per dollar) from the time of its inception in 1961 until late 1971, and the U.S. dollar became stronger than South African currency for the first time on 15 March 1982. Its value thereafter fluctuated as various exchange rate dispensations[clarification needed] were implemented by the South African authorities. By the early 1980s, high inflation and mounting political pressure combined with 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, and continued to trade between R 1 and R 1.30 to the dollar until June 1984, when depreciation of the currency gained momentum. By February 1985, it was trading at over R 2 per dollar, and in July that year, all foreign exchange trading was suspended for three days to try to stop the depreciation.

By the time that State President P. W. Botha made his Rubicon speech on 15 August 1985, it had weakened to R 2.40 per dollar. The currency recovered somewhat between 1986–88, trading near the R 2 level most of the time and even breaking beneath it sporadically. The recovery was short-lived, however, and by the end of 1989, the rand was trading at more than R 2.50 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 future of the country hastened the depreciation until the level of R 3 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 R 3.60 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 R 6 to the dollar. The controversial land reform programme that was initiated in Zimbabwe, followed by the September 11, 2001 attacks, propelled it to its weakest historical level of R 13.84 to the dollar in December 2001.

2001–2011

Two generations of older notes and coins: The notes of the latter of these two generations (as depicted by the R 5 note in this image) were replaced with the iconic "Big Five" notes and these were recently updated to show the face of Nelson Mandela.
Banknotes and coins of the South African rand's fourth series (2005–2012). Set of ZAR notes 2012 to present tax collection ZAR:6,100,000,000,000

This sudden depreciation in 2001 led to a formal investigation, which in turn led to a dramatic recovery. By the end of 2002, the currency was trading under R 9 to the dollar again, and by the end of 2004 was trading under R 5.70 to the dollar. The currency softened somewhat in 2005, and was trading around R 6.35 to the dollar at the end of the year. At the start of 2006, however, the currency resumed its rally, and as of 19 January 2006, was trading under R 6 to the dollar again. However, during the second and third quarters of 2006 (i.e. April through September), the rand weakened significantly.

In sterling terms, it fell from around 9.5% to just over 7%, losing some 25% of its international trade-weighted value in just 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 sub-prime 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 being unable to meet the country's rapidly growing energy demands.

SARB Set of ZAR notes 2012 to present R 104 000 000 000.00 and Set of ZAR notes 2018 to present 400 000 000 print.

2012–present

A stalled mining industry in late 2012 led to new lows in early 2013. In late January 2014, the rand slid to R 11.25 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." In 2014, South Africa experienced its worst year against the US dollar since 2009, and in March 2015, the rand traded at its worst since 2002. At the time, Trading Economics released data that the rand "averaged R4.97 to the dollar between 1972–2015, reaching an all time high of R12.45 in December 2001 and a record low of R0.67 in June of 1973." By the end of 2014, the rand had weakened to R 15.05 per dollar, partly due to South Africa's consistent trade account deficit with the rest of the world.

From 9–13 December 2015, over a four-day period, the rand dropped over 10% due to what some suspected was President Zuma's surprise announcement that he would be replacing the Finance Minister Nhlanhla Nene with the little-known David van Rooyen. The rapid drop in value was stemmed 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 R 17.9169 to the US dollar on 9 January 2016 before rebounding to R 16.57 later the same day.

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. By mid-January, economists were speculating that the rand could expect to see further volatility for the rest of 2016. By 29 April, it reached its highest performance over the previous five months, exchanging at a rate of 14.16 to the United States dollar.

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. This was partly due to a general global financial retreat from currencies seen as risky to the US dollar and partly due to concerns over how British withdrawal from the EU would impact the South African economy and trade relations.

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. When 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 day. 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 the time, it had no permanent CEO, and Colin Coleman of Goldman Sachs in Africa said the company was "having discussions on solutions" on finding credible management. In October 2017, the rand firmed against the US dollar as it recovered from a six-month low. Reuters noted that "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." On 13 November 2017, the rand fell by over 1% when the budget chief Michael Sachs stood down from his position in Zuma's administration.

A 5-rand bimetallic coin issued in 2004

Coins were introduced in 1961 in denominations of12, 1, 2+12, 5, 10, 20, and 50 cents. In 1965, 2-cent coins replaced the 2+12-cent coins. The 12-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. Shops normally round the total purchase price of goods to the nearest 10 cents (in favour of the consumer).

In an effort 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 Philippine ₱10 coin [the coin was changed the composition to nickel-plated steel in 2018], the British £2 coin, and the Canadian $2 coin), a specially serrated security groove along the rim and microlettering.

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 V.O.C. administrator of Cape Town. It was later discovered that the image was not in fact Van Riebeeck at all, a portrait of Bartholomeus Vermuyden had been mistaken for Van Riebeeck. Like the last pound notes, they were printed in two variants, one with English written first and the other with Afrikaans written first.[citation needed]

In 1966, a second series was released with designs which moved away from the previous pound notes. Notes with denominations of 1-, 5- and 10-rand were produced with predominantly one colour per note. A smaller 1-rand note with the same design was introduced in 1973 and a 2-rand note was introduced in 1974. The 20-rand denomination from the first series was dropped. All notes bore the image of Jan van Riebeeck. The practice of having an English and an Afrikaans version of each note was continued in this series.[citation needed]

The 1978 series began 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. Afrikaans was the first language on the 2-, 10-, and 50-rand, while English was the first language on the 5- and 20-rand. The 1-rand note was replaced by a coin.

South African ATM showing R 50 and R 100 banknotes.

In the 1990s, the notes were redesigned with images of the Big Five wildlife species. 10-, 20- and 50-rand notes were introduced in 1992 & 1993, retaining the colour scheme of the previous issue. Coins were introduced for the 2- and 5-rand, replacing the notes of the previous series, mainly because of the severe wear and tear experienced with low-denomination notes in circulation. In 1994, 100- and 200-rand notes were introduced.[citation needed]

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 making use of 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.

In 2011, the South African Reserve Bank issued 100-rand banknotes which were defective because they lacked fluorescent printing visible under UV light. In June, 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. 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 they were 1 mm short.

On 11 February 2012, President Jacob Zuma announced that the country would be issuing a new set of banknotes bearing Nelson Mandela's image. They were entered into circulation on 6 November 2012. 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.

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. The notes depict the standard face of Nelson Mandela on the obverse, but 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); the statue of Mandela at the Union Buildings in remembrance of when he was inaugurated there in 1994 (200-rand).

First series

Banknotes of the South African rand (1961 First Issue)
Image Value Obverse Reverse Colour Language Size (mm)
[1] 1 rand Jan van Riebeeck Lion from coat of arms Brown Afrikaans/English, English/Afrikaans 136×78
[2] 2 rand Lion from coat of arms Blue Afrikaans/English, English/Afrikaans 149×84
[3] 10 rand Jan van Riebeeck's sailing ship Green Afrikaans/English, English/Afrikaans 170×96
[4] 20 rand Gold mine Purple Afrikaans/English, English/Afrikaans 176×103

Second series

Banknotes of the South African rand (1966 Second Issue)
Image Value Obverse Reverse Colour Language Size (mm)
[5] 1 rand Jan van Riebeeck and protea Farming and agriculture Brown Afrikaans/English, English/Afrikaans 128×64
1 rand Jan van Riebeeck and protea Farming and agriculture Brown Afrikaans/English, English/Afrikaans 120×57
2 rand Jan van Riebeeck, Cape Dutch architecture and vines Gariep Dam, pylon and maize cob Blue Afrikaans/English, English/Afrikaans 127×63
[6] 5 rand Jan van Riebeeck, Voortrekker Monument and Great Trek Mining Purple Afrikaans/English, English/Afrikaans 134×70
[7] 10 rand Jan van Riebeeck, Union Buildings and springbok Jan van Riebeeck's three ships Green Afrikaans/English, English/Afrikaans 140×76

Third series

Banknotes of the South African rand (1978 Third Issue)
Image Value Obverse Reverse Colour Language Size (mm)
[8] 2 rand Jan van Riebeeck and pylon Sasol coal to oil refinery Blue Afrikaans and English 120×57
[9] 5 rand Jan van Riebeeck and diamonds Mining and Johannesburg city centre Purple English and Afrikaans 127×63
[10] 10 rand Jan van Riebeeck and protea Agriculture Green Afrikaans and English 133×70
[11] 20 rand Jan van Riebeeck, Cape Dutch architecture and vines Jan van Riebeeck's three ships and Coat of Arms of South Africa Brown English and Afrikaans 140×77
[12] 50 rand Jan van Riebeeck and lion Fauna and flora Red Afrikaans and English 147×83

Fourth series

Banknotes of the South African rand (1992 Fourth Issue "Big Five")
Image Value Obverse Reverse Colour Language Size (mm)
[13] 10 rand Rhinoceros Agriculture Green Afrikaans and English 128×70
[14] 20 rand Elephants Mining Brown English and Afrikaans 134×70
[15] 50 rand Lions Manufacturing Red Afrikaans and English 140×70
[16] 100 rand Cape buffaloes Tourism Blue English and Afrikaans 146×70
[17] 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")
Image Value Obverse Reverse Colour Language Size (mm)
[18] 10 rand Rhinoceros Agriculture Green English, Afrikaans, Swati 128×70
[19] 20 rand Elephants Mining Brown English, Southern Ndebele, Tswana 134×70
[20] 50 rand Lions Manufacturing Red English, Venda, Xhosa 140×70
[21] 100 rand Cape buffaloes Tourism Blue English, Northern Sotho, Tsonga 146×70
[22] 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")
Image Value Obverse Reverse Colour Language Size (mm)
[23] 10 rand Nelson Mandela Rhinoceros Green English, Afrikaans, Swati 128×70
[24] 20 rand Elephant Brown English, Southern Ndebele, Tswana 134×70
[25] 50 rand Lion Red English, Venda, Xhosa 140×70
[26] 100 rand Cape buffalo Blue English, Northern Sotho, Tsonga 146×70
[27] 200 rand Leopard Orange English, Sotho, Zulu 152×70

Seventh series

Banknotes of the South African rand (2018 Seventh Issue "Mandela Centenary")
Image Value Obverse Reverse Colour Language Size (mm)
[28] 10 rand Nelson Mandela Young Mandela and his birthplace of Mvezo Green English, Afrikaans, Swati 128×70
[29] 20 rand Young Mandela and his home in Soweto Brown English, Southern Ndebele, Tswana 134×70
[30] 50 rand Young Mandela and the site of his capture near Howick Red English, Venda, Xhosa 140×70
[31] 100 rand Young Mandela and his place of imprisonment at Robben Island Blue English, Northern Sotho, Tsonga 146×70
[32] 200 rand Young Mandela and his statue at the Union Buildings Orange English, Sotho, Zulu 152×70
  1. From Zuid-Afrikaanse rand ("South African rand"); the ZA is a historical relic from Dutch, used because "SA" is allocated to Saudi Arabia.
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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
Legal tender in Namibia
1993 –
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
Legal tender in Lesotho
1980 –
Succeeded by:
Lesotho loti
Note: loti introduced in 1980, with South African rand remaining legal tender
Currency of Swaziland
1961 – 1974
Legal tender in Swaziland
1974 – 1986
Circulates in Swaziland
1986 –
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

South African rand
South African rand Language Watch Edit The rand sign R code ZAR a is the official currency of South Africa It is subdivided into 100 cents sign c South African randList 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 ISO 4217CodeZARNumber710Exponent2DenominationsSubunit 1 100CentPluralrandSymbolR CentcBanknotesR 10 R 20 R 50 R 100 R 200Coins10c 20c 50c R 1 R 2 R 5 KrugerrandDemographicsOfficial user s South Africa a Namibia b Lesotho c Eswatini d Unofficial user s Angola Malawi Zambia Zimbabwe e IssuanceCentral bankSouth African Reserve Bank Websitewww wbr resbank wbr co wbr zaPrinterSouth African Bank Note CompanyMintSouth African Mint Websitewww wbr samint wbr co wbr zaValuationInflation4 1 South Africa only SourceSouth African Reserve Bank March 2020 MethodCPIPegged byNamibian dollar Lesotho loti Swazi lilangeni at par A Common Monetary Area member A Common Monetary Area member used alongside Namibian dollar A Common Monetary Area member used alongside Lesotho loti A Common Monetary Area member used alongside Swazi lilangeni Alongside Zimbabwean dollar suspended indefinitely from 12 April 2009 euro US dollar pound sterling Botswana pula Indian rupee Australian dollar Chinese yuan and Japanese yen The US dollar has been adopted as the official currency for all government transactions The South African rand is also legal tender in the Common Monetary Area member states of Namibia Lesotho and Eswatini Although these three countries each have their own national currency the dollar the loti and the lilangeni respectively all three have been pegged with the rand at par since their introductions and the rand is still widely accepted as a substitute for them The rand was also legal tender in Botswana until 1976 when the pula replaced the rand at par Contents 1 Etymology 2 History 2 1 Brief exchange rate history 2 1 1 1971 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 5 See also 6 Note 7 References 8 Further reading 9 External linksEtymology EditThe rand takes its name from the Witwatersrand white waters ridge in English rand being the Dutch and Afrikaans word for ridge the ridge upon which Johannesburg is built and where most of South Africa s gold deposits were found History EditThe rand was introduced in the Union of South Africa on 14 February 1961 three months before the country declared itself a republic 1 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 2 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 3 This was accompanied by a radio jingle to inform the public about the new currency 4 Although pronounced in the Afrikaans style as r ʌ n t in the jingles when introduced 5 the contemporary pronunciation in South African English is r ae n d 6 Brief exchange rate history Edit 1971 2000 Edit Value of the South African rand to the United States dollar from 1975 2015 by the blue columns The percentage rate of change year on year is shown by the black line 7 One rand was worth US 1 40 R 0 72 per dollar from the time of its inception in 1961 until late 1971 and the U S dollar became stronger than South African currency for the first time on 15 March 1982 8 Its value thereafter fluctuated as various exchange rate dispensations clarification needed were implemented by the South African authorities By the early 1980s high inflation and mounting political pressure combined with 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 and continued to trade between R 1 and R 1 30 to the dollar until June 1984 when depreciation of the currency gained momentum By February 1985 it was trading at over R 2 per dollar and in July that year all foreign exchange trading was suspended for three days to try to stop the depreciation By the time that State President P W Botha made his Rubicon speech on 15 August 1985 it had weakened to R 2 40 per dollar The currency recovered somewhat between 1986 88 trading near the R 2 level most of the time and even breaking beneath it sporadically The recovery was short lived however and by the end of 1989 the rand was trading at more than R 2 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 future of the country hastened the depreciation until the level of R 3 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 R 3 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 R 6 to the dollar The controversial land reform programme that was initiated in Zimbabwe followed by the September 11 2001 attacks propelled it to its weakest historical level of R 13 84 to the dollar in December 2001 2001 2011 Edit Two generations of older notes and coins The notes of the latter of these two generations as depicted by the R 5 note in this image were replaced with the iconic Big Five notes and these were recently updated to show the face of Nelson Mandela Banknotes and coins of the South African rand s fourth series 2005 2012 Set of ZAR notes 2012 to present tax collection ZAR 6 100 000 000 000 This sudden depreciation in 2001 led to a formal investigation which in turn led to a dramatic recovery By the end of 2002 the currency was trading under R 9 to the dollar again and by the end of 2004 was trading under R 5 70 to the dollar The currency softened somewhat in 2005 and was trading around R 6 35 to the dollar at the end of the year At the start of 2006 however the currency resumed its rally and as of 19 January 2006 was trading under R 6 to the dollar again However during the second and third quarters of 2006 i e April through September the rand weakened significantly In sterling terms it fell from around 9 5 to just over 7 losing some 25 of its international trade weighted value in just 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 sub prime 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 being unable to meet the country s rapidly growing energy demands SARB Set of ZAR notes 2012 to present R 104 000 000 000 00 and Set of ZAR notes 2018 to present 400 000 000 print 2012 present Edit A stalled mining industry in late 2012 led to new lows in early 2013 9 In late January 2014 the rand slid to R 11 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 10 In 2014 South Africa experienced its worst year against the US dollar since 2009 11 and in March 2015 the rand traded at its worst since 2002 11 At the time Trading Economics released data that the rand averaged R4 97 to the dollar between 1972 2015 reaching an all time high of R12 45 in December 2001 and a record low of R0 67 in June of 1973 11 By the end of 2014 the rand had weakened to R 15 05 per dollar partly due to South Africa s consistent trade account deficit with the rest of the world From 9 13 December 2015 over a four day period the rand dropped over 10 due to what some suspected was President Zuma s surprise announcement that he would be replacing the Finance Minister Nhlanhla Nene with the little known David van Rooyen The rapid drop in value was stemmed 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 R 17 9169 to the US dollar on 9 January 2016 before rebounding to R 16 57 later the same day 12 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 13 By mid January economists were speculating that the rand could expect to see further volatility for the rest of 2016 14 15 By 29 April it reached its highest performance over the previous five months exchanging at a rate of 14 16 to the United States dollar 16 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 17 This was partly due to a general global financial retreat from currencies seen as risky to the US dollar 18 and partly due to concerns over how British withdrawal from the EU would impact the South African economy and trade relations 17 19 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 20 When 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 day 21 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 the time it had no permanent CEO and Colin Coleman of Goldman Sachs in Africa said the company was having discussions on solutions on finding credible management 22 In October 2017 the rand firmed against the US dollar as it recovered from a six month low Reuters noted that 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 23 On 13 November 2017 the rand fell by over 1 when the budget chief Michael Sachs stood down from his position in Zuma s administration 24 Coins EditMain article Coins of the South African rand 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 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 25 26 27 28 Shops normally round the total purchase price of goods to the nearest 10 cents in favour of the consumer In an effort 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 Philippine 10 coin the coin was changed the composition to nickel plated steel in 2018 the British 2 coin and the Canadian 2 coin a specially serrated security groove along the rim and microlettering 29 Banknotes EditThe 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 V O C administrator of Cape Town It was later discovered that the image was not in fact Van Riebeeck at all a portrait of Bartholomeus Vermuyden had been mistaken for Van Riebeeck 30 Like the last pound notes they were printed in two variants one with English written first and the other with Afrikaans written first citation needed In 1966 a second series was released with designs which moved away from the previous pound notes Notes with denominations of 1 5 and 10 rand were produced with predominantly one colour per note A smaller 1 rand note with the same design was introduced in 1973 and a 2 rand note was introduced in 1974 The 20 rand denomination from the first series was dropped All notes bore the image of Jan van Riebeeck The practice of having an English and an Afrikaans version of each note was continued in this series citation needed The 1978 series began 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 Afrikaans was the first language on the 2 10 and 50 rand while English was the first language on the 5 and 20 rand The 1 rand note was replaced by a coin South African ATM showing R 50 and R 100 banknotes In the 1990s the notes were redesigned with images of the Big Five wildlife species 10 20 and 50 rand notes were introduced in 1992 amp 1993 retaining the colour scheme of the previous issue Coins were introduced for the 2 and 5 rand replacing the notes of the previous series mainly because of the severe wear and tear experienced with low denomination notes in circulation In 1994 100 and 200 rand notes were introduced citation needed 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 making use of 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 31 In 2011 the South African Reserve Bank issued 100 rand banknotes which were defective because they lacked fluorescent printing visible under UV light In June 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 32 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 they were 1 mm short 33 On 11 February 2012 President Jacob Zuma announced that the country would be issuing a new set of banknotes bearing Nelson Mandela s image 34 35 They were entered into circulation on 6 November 2012 36 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 37 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 38 The notes depict the standard face of Nelson Mandela on the obverse but 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 the statue of Mandela at the Union Buildings in remembrance of when he was inaugurated there in 1994 200 rand 39 40 41 First series Edit Banknotes of the South African rand 1961 First Issue 42 Image Value Obverse Reverse Colour Language Size mm 1 1 rand Jan van Riebeeck Lion from coat of arms Brown Afrikaans English English Afrikaans 136 78 2 2 rand Lion from coat of arms Blue Afrikaans English English Afrikaans 149 84 3 10 rand Jan van Riebeeck s sailing ship Green Afrikaans English English Afrikaans 170 96 4 20 rand Gold mine Purple Afrikaans English English Afrikaans 176 103Second series Edit Banknotes of the South African rand 1966 Second Issue 42 Image Value Obverse Reverse Colour Language Size mm 5 1 rand Jan van Riebeeck and protea Farming and agriculture Brown Afrikaans English English Afrikaans 128 641 rand Jan van Riebeeck and protea Farming and agriculture Brown Afrikaans English English Afrikaans 120 572 rand Jan van Riebeeck Cape Dutch architecture and vines Gariep Dam pylon and maize cob Blue Afrikaans English English Afrikaans 127 63 6 5 rand Jan van Riebeeck Voortrekker Monument and Great Trek Mining Purple Afrikaans English English Afrikaans 134 70 7 10 rand Jan van Riebeeck Union Buildings and springbok Jan van Riebeeck s three ships Green Afrikaans English English Afrikaans 140 76Third series Edit Banknotes of the South African rand 1978 Third Issue 42 Image Value Obverse Reverse Colour Language Size mm 8 2 rand Jan van Riebeeck and pylon Sasol coal to oil refinery Blue Afrikaans and English 120 57 9 5 rand Jan van Riebeeck and diamonds Mining and Johannesburg city centre Purple English and Afrikaans 127 63 10 10 rand Jan van Riebeeck and protea Agriculture Green Afrikaans and English 133 70 11 20 rand Jan van Riebeeck Cape Dutch architecture and vines Jan van Riebeeck s three ships and Coat of Arms of South Africa Brown English and Afrikaans 140 77 12 50 rand Jan van Riebeeck and lion Fauna and flora Red Afrikaans and English 147 83Fourth series Edit Banknotes of the South African rand 1992 Fourth Issue Big Five 42 43 Image Value Obverse Reverse Colour Language Size mm 13 10 rand Rhinoceros Agriculture Green Afrikaans and English 128 70 14 20 rand Elephants Mining Brown English and Afrikaans 134 70 15 50 rand Lions Manufacturing Red Afrikaans and English 140 70 16 100 rand Cape buffaloes Tourism Blue English and Afrikaans 146 70 17 200 rand Leopards Transport and communication Orange Afrikaans and English 152 70Fifth series Edit Banknotes of the South African rand 2005 Fifth Issue English amp Other Official Languages 42 Image Value Obverse Reverse Colour Language Size mm 18 10 rand Rhinoceros Agriculture Green English Afrikaans Swati 128 70 19 20 rand Elephants Mining Brown English Southern Ndebele Tswana 134 70 20 50 rand Lions Manufacturing Red English Venda Xhosa 140 70 21 100 rand Cape buffaloes Tourism Blue English Northern Sotho Tsonga 146 70 22 200 rand Leopards Transport and communication Orange English Sotho Zulu 152 70Sixth series Edit Banknotes of the South African rand 2012 Sixth Issue Nelson Mandela 42 Image Value Obverse Reverse Colour Language Size mm 23 10 rand Nelson Mandela Rhinoceros Green English Afrikaans Swati 128 70 24 20 rand Elephant Brown English Southern Ndebele Tswana 134 70 25 50 rand Lion Red English Venda Xhosa 140 70 26 100 rand Cape buffalo Blue English Northern Sotho Tsonga 146 70 27 200 rand Leopard Orange English Sotho Zulu 152 70Seventh series Edit Banknotes of the South African rand 2018 Seventh Issue Mandela Centenary Image Value Obverse Reverse Colour Language Size mm 28 10 rand Nelson Mandela Young Mandela and his birthplace of Mvezo Green English Afrikaans Swati 128 70 29 20 rand Young Mandela and his home in Soweto Brown English Southern Ndebele Tswana 134 70 30 50 rand Young Mandela and the site of his capture near Howick Red English Venda Xhosa 140 70 31 100 rand Young Mandela and his place of imprisonment at Robben Island Blue English Northern Sotho Tsonga 146 70 32 200 rand Young Mandela and his statue at the Union Buildings Orange English Sotho Zulu 152 70Current ZAR exchange ratesFrom Google Finance AUD CAD CHF EUR GBP HKD JPY USD INR USD JPYFrom Yahoo Finance AUD CAD CHF EUR GBP HKD JPY USD INR USD JPYFrom XE com AUD CAD CHF EUR GBP HKD JPY USD INR USD JPYFrom OANDA AUD CAD CHF EUR GBP HKD JPY USD INR USD JPYFrom fxtop com AUD CAD CHF EUR GBP HKD JPY USD INR USD JPYSee also EditFinancial rand Witwatersrand Krugerrand Coins of the South African rand South African pound Economy of South AfricaNote Edit From Zuid Afrikaanse rand South African rand the ZA is a historical relic from Dutch used because SA is allocated to Saudi Arabia References Edit From Van Riebeeck to Madiba News24 12 September 2012 The Reserve Bank and the Rand Some historic reflections Resbank co za 29 November 2001 Retrieved 5 September 2012 A General s Story from an Era of War and Peace Jannie Geldenhuys Jonathan Ball 1995 page 32 Decimal Dan Sings Catchy Tune Teaches New Currency The Spokesman Review 10 January 1961 Retrieved 5 September 2012 Video on YouTube 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 Exchange Rates Between the UniteDDV South African rand Measuring Worth Retrieved 12 January 2016 U S Dollar to South African Rand Spot Exchange Rates for 1975 to 2020 from the Bank of England www poundsterlinglive com Retrieved 21 March 2020 Rand vs the dollar in 2013 Business Technology 2 January 2014 Rand vs the dollar in 2014 Business Technology 17 December 2014 a b c A Rand value 1994 2015 Business Technology 12 March 2015 Paul Vecchiatto Michael Cohen 11 January 2016 Zuma Begins Fightback as South Africa s Rand Gets Hammered Bloomberg Retrieved 13 January 2016 Patrick McGroarty amp Joe Parkinson 11 January 2016 Africa Hit by China s Woes Wall Street Journal Retrieved 13 January 2016 Candice Zachariahs 11 January 2016 Why the rand will face more manic Mondays after plunging 9 Fin24 Retrieved 13 January 2016 Candice Zachariahs 11 January 2016 Rand sinks most in 7 years as traders fret over China liquidity Fin24 Retrieved 13 January 2016 http www prensa latina cu index php option com content amp task view amp id 4836251 amp Itemid 15 a b Rand slumps more than 8 against dollar IOL Retrieved 25 June 2016 Brexit vote shocker sends global markets into tailspin Retrieved 25 June 2016 Kuo Lily Brexit will be terrible for Africa s largest economies Retrieved 25 June 2016 South Africa s rand expected to stabilize for rest of year Reuters poll Reuters 6 April 2017 South African rand continues to fall after Zuma vote Financial Times 9 August 2017 Goldman Sees Eskom as Biggest Risk to South African Economy Bloomberg 22 September 2017 South Africa s rand recovers after hitting 6 month low Reuters 9 October 2017 South African rand continues to fall after Zuma vote Financial Times 13 November 2017 One Cent 1c South African Mint Archived from the original on 7 March 2016 Retrieved 28 November 2012 Two Cent 2c South African Mint Archived from the original on 9 March 2016 Retrieved 28 November 2012 5 cent coin to be discontinued South African Government Information 24 November 2011 Retrieved 24 November 2011 South African currency South African Reserve Bank Retrieved 28 November 2012 South Africa s new R5 coin SouthAfrica info 28 July 2004 Archived from the original on 6 February 2009 Retrieved 29 July 2010 So whose face was on old SA money IOL 8 January 2015 Statement issued by the SARB Governor Ms G Marcus on counterfeit notes in circulation South African Reserve Bank 21 April 2010 Retrieved 25 May 2010 South Africa faulty 100 rand notes reported Africa BanknoteNews com 5 December 2010 Retrieved 5 September 2012 South Africa shreds 3 6 million defective 100 rand notes Africa BanknoteNews com 20 May 2012 Retrieved 5 September 2012 Nelson Mandela banknotes to be issued by South Africa BBC 11 February 2012 Retrieved 11 February 2012 Announcement of the Introduction of a New Note Series Resbank co za Retrieved 7 July 2012 Nelson Mandela banknotes issued in South Africa BBC Online South Africa new banknotes with Omron rings reported BankNote News 6 November 2013 Retrieved 6 November 2013 New bank notes to honour Nelson Mandela s centenary BusinessTech 11 February 2018 Retrieved 10 March 2018 This is what South Africa s new Mandela bank notes look like BusinessTech 13 June 2018 Retrieved 13 June 2018 PICS New Nelson Mandela banknotes launched IOL 13 July 2018 Retrieved 16 July 2018 Madiba100 commemorative notes and coin have a new look and feel IOL 14 July 2018 Retrieved 16 July 2018 a b c d e f Wirz Heinz Dr Heinz Wirz on the Bank Notes of South Africa Volume II The South African rand 7th ed Banknotes Where s My Moola Archived from the original on 1 October 2019 Retrieved 19 November 2012 Further reading EditKrause 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 Colin R Bruce II and Neil Shafer editors 7th ed Krause Publications ISBN 0 87341 207 9 External links EditSouth African Reserve Bank Currency Page Archived 13 April 2020 at the Wayback Machine 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 in English and German Bank of England exchange rate ZAR vs GBP since 2001 presentPreceded by South African pound Reason decimalisation Ratio 2 rand 1 South African pound 1 British pound Currency of South Africa 1961 Succeeded by CurrentCurrency of South West Africa 1961 1990 Note administered by occupied by South Africa since 1915 Currency of Namibia 1990 1993 Legal tender in Namibia 1993 Succeeded by Namibian dollar Reason withdrawal from Common Monetary Area Ratio at par Note dollar introduced in 1993 with South African rand remaining legal tenderCurrency of Basutoland 1961 1966 Currency of Lesotho 1966 1980 Legal tender in Lesotho 1980 Succeeded by Lesotho loti Note loti introduced in 1980 with South African rand remaining legal tenderCurrency of Swaziland 1961 1974 Legal tender in Swaziland 1974 1986 Circulates in Swaziland 1986 Succeeded by Swazi lilangeni Note lilangeni introduced in 1974 South African rand continues to circulate unofficiallyCurrency of Bechuanaland Protectorate 1961 1966 Currency of Botswana 1966 1976 Succeeded by Botswana pula Reason creation of independent currency Africa portal Money portal Numismatics portal South Africa portal Retrieved from https en wikipedia org w index php title South African rand amp oldid 1054152708, wikipedia, wiki, book,

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