What Is the South African Rand (ZAR)?

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What Is the South African Rand (ZAR)?

• Send South African Currency Digitally

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• The South African rand (ZAR) is the country's
  official currency, with the sign ZAR serving as
  the currency shorthand for the rand in foreign
  exchange (forex) markets.
• The South African rand is made up of 100 cents
  and is frequently represented by the letter R.
  The rand is derived from the Afrikaans term
  "Witwatersrand," which means "white waters
  ridge." This ridge is home to the majority of
  South Africa's gold resources, including
  Johannesburg.
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• KEY TAKEAWAYS
• The South African rand (ZAR) is the national
  currency of the country of South Africa.
• The rand was introduced in February 1961 and
  mostly held a steady peg against the US dollar
  until the end of apartheid.
• Since then, its value has depreciated as the
  South African economy has become increasingly
  linked to the rest of the world.
• Several countries in the region peg their
  national currencies to the rand.
• For the most part, the rand's value was linked to
  the price of gold, South Africa's main export
  during its early days

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Understanding the South African Rand The South
African rand (ZAR) was originally adopted in
February 1961, shortly before the establishment
of the Republic of South Africa. The rand
replaced the South African pound at a 2 rand to 1
pound exchange rate.   Until the early 1970s, the
rand was valued around R1.5 per US dollar ( USD).
However, the rand's exchange rate has depreciated
or weakened throughout the years, making it more
expensive to convert one rand to one US dollar.
For example, in 1990, it cost around R2.55 to
convert to one USD, but by 1999, the exchange
rate was R6.14 to the USD.