National currency of South Africa: South African rand. The national currency of the South African Republic is the rand. Rand monetary unit.
Money in South Africa is called the rand (or rand). Indicated by the symbol "R". The international code for the rand is ZAR. It is also the official currency of three other countries on the African continent. The name of the South African rand comes from the main source of gold in South Africa - the Witwatersrand mountain range.
Exchange
Currency exchange in South Africa is possible both in banks (most often open in the first half of any day, except Sunday), and in hotels and exchange offices. When exchanging currency, be sure to save all receipts and certificates of transactions. If at the end of your trip you decide to exchange rands back into foreign currency, you will not be able to do so without these certificates.
International bank cards (MasterCard, American Express, Visa) will be accepted in almost any hotel, store, gas station, cafe and other similar establishment.
Today, the South African rand has a rather unstable exchange rate, which is caused by the high level of inflation in the country.
Banknotes
Before the introduction of the rand in 1961, the South African pound was used in South Africa and was subsequently exchanged for the rand in a ratio of 1 to 2. Nowadays, coins with a face value of 1 or 2 cents can no longer be found in circulation - they were canceled back in 2002, so the cost most often rounded to multiples of 5. Since 2004, new 5 rand coins have been issued with micro lettering, a bimetallic design and a serrated rim.
Introduced in 2012, the new R10 banknote is effectively and modernly protected against counterfeiting: a watermark with the image of Nelson Mandela, microtext, a special security thread, a changing picture, a hidden image and other means.
What currency to take to South Africa
When planning a trip and wondering what currency in South Africa will be useful to you, you can safely stock up on US dollars or Euros, preferably in small bills, since when exchanging large bills you may have problems with change or the exchange rate.
You cannot pay in foreign currency in South Africa.
The import of currency into South Africa for foreign tourists is not limited, and when leaving the country, the amount of South African money should not exceed 500 rand per person. Without special permission from the South African Reserve Bank, it is impossible to remove a large amount of national money from South Africa.
South African rand- the official currency of the Republic of South Africa, as well as a number of states included in the Common Currency Area with South Africa - Lesotho and Swaziland. In addition, the Namibian dollar is pegged to the rand exchange rate - until 1993, Namibia was also a member of the monetary union. Bank code – ZAR. 1 South African rand is equal to 100 cents. Current banknote denominations are R200, R100, R50, R20 and R10. Coins in circulation: 5, 2, 1 rand, 50, 20, 10, 5 cents, 2 and 1 cent coins have not been minted since 2002, but are still recognized as legal tender.
Today's South African banknotes feature the so-called "big five" animals of the African continent: on the obverse of the 10 rand coin is the head of a white rhinoceros, 20 rand - an African elephant, 50 rand - a lion's head, 100 rand - a buffalo, 200 rand - a leopard. The reverse side of the coins is decorated with images of natural and industrial landscapes. In February 2012, the country's President Jacob Zuma announced the upcoming transition to new banknotes, which will depict the first black president of South Africa, who dedicated his life to the fight for racial equality in the country, Nelson Mandela.
The obverse of South African coins bears the coat of arms, the year of minting and the name of the country in one of the indigenous languages: Ndebele, Tsonga, Swazi, Sotho, Xhosa, as well as in Afrikaans and English (depending on the year of issue). And on the reverse there are images of animals, birds or plants of South Africa: on a coin with a face value of 1 cent - two sparrows on a mimosa branch, 2 cents - an African screaming eagle, 5 cents - a paradise crane, 10 cents - a calla flower, 20 cents - a royal protea flower , one of the country's national symbols, 50 cents for Strelitzia reginas, 1 rand for springbok, 2 rand for kudu and 5 rand for wildebeest.
Monetary circulation appeared in these territories in 1652 with the arrival of Dutch colonists. In the 17th-18th centuries, immigrants arrived here not only from the Netherlands, but also from France, Germany and other European countries. And in 1797, as a result of the Anglo-Dutch War, southern Africa became a British colony. Since 1825, Great Britain has pursued a policy of using the pound sterling in all its possessions as the main and only currency, and the pound became the official currency of the region.
At the same time, Great Britain did not completely control southern Africa. In the east of the region, the Transvaal Republic and the Orange Free State were created on lands occupied by the Boers. It issued its own money, called South African pounds.
In 1910, as a result of lengthy negotiations, the independent territories united into the Union of South Africa, which remained a dominion of the British Empire. In 1920, the Treasury issued gold certificates, and in 1921, the Reserve Bank of South Africa was established - the country's main credit institution, responsible for issuing money.
The South African pound was equal to one British pound throughout its entire existence, with the exception of one single period - from 1930 to 1933, when Great Britain abandoned the gold backing of its currency.
In 1961, the Republic of South Africa was created, which left the Commonwealth of Nations, an organization uniting the former colonies of Great Britain, and gained full independence. In fairness, it should be noted that this happened largely under the influence of other members of the Commonwealth, for whom the apartheid policy pursued in South Africa - racial discrimination against the indigenous African population - seemed unacceptable. On February 14, 1961, a new currency was issued, the South African rand.
Until the beginning of the 80s of the XX century. one rand was worth more than 1.4 US dollars. However, in 1982, the international community imposed a series of sanctions against South Africa due to racial politics, and the national currency began to decline. In 1994, the level of parity was passed, and the rate was 1.30 rand per dollar, and in February 1995 - 2 rand. The country's leadership was forced to suspend trading for several days in order to contain the uncontrolled devaluation. In 1998, the rate was 2.4 rand per dollar, in 1992 – 3 rand.
The first democratic elections in 1994, when Nelson Mandela became president, did not strengthen the rand. Economists attribute this to the ongoing social policies and reforms, which have greatly increased government spending and the budget deficit. The rand continued its decline until 2001, when, following the terrorist attacks in the United States, it reached its all-time low of R13.84 per dollar. However, after this there was stabilization and even strengthening of the currency.
Today, the South African rand is a limited convertible currency, the exchange rate of which as of November 2017 is 14.05 rand per dollar, 16.56 rand per euro. One rand can be bought for 4.22 Russian rubles.
The South African Rand is one of the “second tier” currencies traded on Forex. Market participants are attracted, on the one hand, by fairly large fluctuations in the exchange rate, which allow them to earn maximum profit, albeit with a corresponding risk. On the other hand, the rand is backed by the country's developed economy. Today, South Africa is considered one of the successfully developing countries, rich in natural resources, which makes it attractive to investors.
The import of currency into South Africa is not restricted, but a declaration is required. Tourists can only take out of the country what they declared upon entry. Exporters from South Africa are subject to a number of exchange restrictions similar to Russian exchange controls.
In addition, these banknotes are also used in other countries that are part of the Single Currency Area with this republic. We are talking about Lesotho and Swaziland. The Namibian dollar is still attached to the South African rand. The fact is that until 1993, Namibia was also a member of the monetary union.
General information about the monetary unit
In the international banking system, the South African currency is marked ZAR. The monetary unit consists of one hundred cents. Today, banknotes in denominations of ten, twenty, fifty, one hundred and two hundred rand are used in transactions. Along with this, coins of one, two, five, ten, twenty, fifty cents and one, two and 5 rand are in circulation. It's worth mentioning that one- and two-cent coins have not been manufactured since 2002, but are still used legally in transactions.
Currency design
Today, South Africa's currency features images of Africa's so-called Big Five animals. So, on the obverse of a ten rand note there is a head of a white rhinoceros, on a twenty rand note there is an African elephant, on a fifty rand note there is a lion’s head, a hundred rand on the obverse there is a buffalo, and two hundred rands there is a leopard. The back of the banknotes is designed using images of various natural landscapes or industrial sites. In February 2012, the leadership of South Africa, represented by state President Jacob Zuma, announced the launch of a new type of banknotes into circulation. They bear a portrait of the first black ruler of the Republic.
On the obverse of South African coins there is the state emblem, the year of manufacture, as well as the name of the state, written in one of the local dialects. These include Ndebele, Tsonga, Swazi, Sotho and Xhosa. In addition, inscriptions in Afrikaans and English are used. On the opposite side, various representatives of the local fauna and flora are minted. For example, on one cent the South African currency contains two sparrows sitting on a mimosa branch, on two cents you can see an image of an African screaming eagle, and on five cents there is a paradise crane. In addition, the ten cents feature a calla lily flower, and the twenty-cent coin contains the image of the royal protea flower, which is considered one of the main national emblems of South Africa. Also of note are the fifty cent coin, one, two and five metal rands. They depict, respectively, a springbok antelope, a kudu antelope and
Rand exchange rate relative to other currencies
At the moment, the rand is in the status of a currency with limited conversion. 1 to 0.07 - this is how the South African currency is quoted against the US dollar. The exchange rate to the euro is 1/0.064. The South African currency exchange rate to the ruble is 1 to 4.54. It would be appropriate to say that the rand is very popular among traders involved in trading on platforms such as Forex. This is due to a number of circumstances. Among them, significant changes in the exchange rate of this currency should be highlighted, which makes it possible to make good money on the difference. True, the risks in this case increase significantly. Another attractive feature of the South African rand is its collateral. Behind this currency is a powerful country. This country is rich in its mineral resources and is currently one of the most dynamically developing countries.
Conclusion
In conclusion, it should be noted that there are no restrictions on the import of foreign currency. In this case, documented information on the amount of imported funds should be provided. South African currency is allowed for export in quantities not exceeding the amount that was indicated in the document upon entry. Some restrictions are imposed on the export of goods from the country, similar to those that apply in other countries, including Russia.
The South African rand has a rather interesting history and features, which will be discussed in this article.
Description
The name rand comes from the name of the mountain range, the name of which sounds like Witwatersrand (in one of the official languages of South Africa, Afrikaans Witwatersrand). This mountain range is located in the South African province of Gauteng, which is famous for the largest gold deposits in the country.
The rand has the international symbol R and the ISO 4217 code - ZAR. The rand is made up of 100 cents. In addition to itself, it is used in the territory of the Single Currency Area, which currently includes South Africa, Namibia, Swaziland and Lesotho.
Short story
The South African rand was introduced in 1961, replacing the then-used South African pound. This happened due to South Africa gaining sovereignty and leaving the British Commonwealth, since it no longer wanted to be dependent on the former metropolis.
The old currency was exchanged for the new at the rate of 1 pound 2 South African rand.
One of the features of this currency is that in the Russian interpretation there are two versions of the name of this currency, namely the rand and the rand. The reason for this is that the name rand came into Russian from English, where its original name was distorted and sounds like rand, and in Afrikaans - like rand.
Coins
Since the introduction of the South African rand into circulation in 1961, both paper banknotes and metal coins have been used. Since then, the country has used coins in denominations of half a cent, one cent, two and a half, five, ten and fifty cents.
In 1965, the two and a half cent coin was replaced by a two-cent coin. The half-cent coin was withdrawn from circulation in 1973. One- and two-cent coins have been discontinued since 2002. The reason for the abandonment of small coins is inflation. Despite the fact that in the country not all prices in stores are multiples of five, when paying, the price is simply rounded up.
There are also one South African rand coins, which were issued in 1977, and two rand coins (1989) and five rand coins (1990).
Banknotes
The first series of paper banknotes, issued in 1961, included banknotes in denominations of one, two, ten and twenty South African rands. The appearance of the first ones was very similar to the replaced South African pounds. This was done to facilitate the country's transition to the new currency.
Initially, the banknotes depicted a portrait of the founder, and subsequently the first governor of the Kapstad colony, as well as the city of Cape Town. At that time, Kapstad belonged to the Dutch East India Company.
In the newly created national currency, the principle of the bygone pound was retained, according to which all banknotes were issued in two versions: on the first, all the inscriptions were first in English, and then in Afrikaans, and on the second, on the contrary, first in Afrikaans, and then in English.
When a new series of banknotes was released in 1966, this principle was used again. This series of paper banknotes introduced five rand notes, but the twenty South African rand notes were withdrawn from circulation.
The next series of notes was issued in 1978, which included two, five and ten rand notes. Banknotes in denominations of twenty and fifty rands were introduced only in 1984. This series of banknotes was the most radically changed in appearance. Firstly, there was only one option left, where on the two, ten and fifty rand bills all the inscriptions were first in Afrikaans and then in English. On the five and twenty banknotes the situation was reversed: the inscriptions were first in English and then in Afrikaans. All banknotes continued to feature the portrait image of Jan van Riebeeck.
At the end of the 20th century. the appearance of the banknotes has been changed. From now on, the obverse of banknotes began to depict representatives of the “Big Five” of the animal world, which traditionally includes the elephant, rhinoceros, buffalo, lion and leopard.
The two and five rand notes were discontinued as they were replaced by metal coins. Since 1994, banknotes in denominations of one hundred and two hundred rand have been introduced.
In 2012, a new series of paper bills appeared, which began to depict the portrait of the first black man, Nelson Mandela. The new banknote series includes notes in denominations of ten, twenty, fifty and two hundred rand.
South African rand. Currency chart
Today, in the Republic of South Africa, a regime has been established, i.e., the value of the currency on the world foreign exchange market may fluctuate depending on the situation developing in the foreign exchange market.
In the case of the South African rand, the exchange rate anchor is the country's inflation rate.
South African rand to dollar exchange rate
The state currency of the Republic of South Africa symbolizes its sovereignty and belonging to the African continent.
The rand is not in great demand outside the countries where it is in circulation, which is why the South African rand exchange rate is not very high. If you compare it to the dollar, then for one American dollar you will get about twelve and a half rand, so for one rand you will get approximately $0.08.
If the South African rand is valued at less than one-tenth of the dollar, then comparing it to the euro, you can see that you can get no more than 0.07 euros for one rand. And for one British pound it’s even less - about 0.06.
South African rand to ruble exchange rate
In comparison with the Russian national currency, the South African currency looks a little more advantageous. The cost of one Russian ruble in rands will be about 0.22 ZAR. Accordingly, the South African rand to the ruble is estimated at approximately 4.54 Russian rubles, which cannot be called a high figure.
The higher value of the South African national currency is due to a number of factors, including a more stable and developed economy, a high influx of foreign capital and foreign tourists into the country, as well as the use of this currency in several countries at once.
Exchange operations
Millions of foreign tourists from all over the world arrive in South Africa every year. And this figure is getting higher and higher. The tourism sector is developing at a very fast pace, becoming an increasingly important sector of the state economy. Most tourists are Europeans, Americans and Japanese. Russians are not yet very active in visiting this country, but about 40-50 thousand Russian tourists come to South Africa every year, not counting residents of the CIS countries.
Therefore, the issue of exchanging Russian currency for local currency is quite important. Let us immediately clarify the point that you should not come to South Africa with only Russian rubles in your hands, since it is almost impossible to exchange them for local money. There are very few exchange offices and financial organizations where you can exchange rubles. If you are lucky enough to find such a place, the commission will be very high.
It is best to exchange rubles for dollars, euros or British pounds in advance because these are the most popular foreign currencies in South Africa. There is also a small proportion of companies and exchanges that deal with some other African currencies, as well as Australian and Canadian dollars. You can try to exchange Chinese Yuan or Japanese Yen.
Other currencies, including Russian rubles and Ukrainian hryvnias, cannot be exchanged. Therefore, you should not come to this country with rubles in the hope of exchanging them there.
It is worth noting that in the country, unlike many other African countries, there are no problems with ATMs and credit cards. In almost any large settlement you can easily find an ATM or pay with a plastic bank card in a supermarket or cafe.
Conclusion
This is a distant exotic state where millions of foreigners come every year to admire the African savannas, go on safari and watch wild animals in their natural habitat. Russians have not yet mastered this country much, but every year the number of our compatriots who come here on vacation is growing.
Before going abroad, you need to study the country where you intend to go as well as possible, especially if it is such a distant and exotic country as South Africa.
An important point in studying the characteristics of a country is its financial side. You need, so to speak, to know by sight the national currency of the state where you are going to go. By clarifying all the features related to the financial side, you can eliminate the possibility of a number of problems arising.
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The rand (rand) is the national currency of the Republic of South Africa. One rand is equal to 100 cents. The South African currency in cash circulation is represented by banknotes in denominations of 10, 20, 50, 100, 200 rands, and coins in denominations of 1, 2, 5 rands and 1, 2, 5, 10, 20, 50 cents.
The name of South Africa's currency comes from the place where most of the country's gold deposits were found, called the Witwatersrand, a mountain range in the Gauteng province. Coins of old and new issues are used in circulation; the different denominations of banknotes of these issues are similar to each other. About the rand currency (rand), it is also important to note that this monetary unit is the currency of the Single Currency Area, which includes South Africa, Swaziland, Namibia, and Lesotho.