ZAR - South African Rand Rates


Name: South African Rand

Symbol: R Cent: c

Minor Unit:
1/100 = Cent

ZAR Profile

Inflation: 5.8%

Freq Used: R1, R2, R5, 5c, 10c, 20c

Freq Used: R10, R20, R50, R100, R200

Central Bank:
South African Reserve Bank

Users: South Africa, Lesotho, Namibia

As a trading center, multiple currencies circulated throughout South Africa. The first official currency used was the Guilder. During the late 17th century, the Rixdollar was used and was the first South African currency to include paper notes. During British occupation, in 1826, the Cape Colony was put on a sterling basis, though other currencies, including Spanish Dollars, US Dollars, French Francs, and Indian Rupees continued to circulate. In 1921, the Reserve Bank of South Africa was established as the central bank. In 1961, the South African Rand replaced the Pound under a decimalized system. The ratio was 2 ZAR to 1 GBP.