ZAR - South African Rand
The South African Rand is the official currency of South Africa and is denoted by the currency code of ZAR. It is also used officially in Swaziland and Lesotho and Namibia. The Rand is subdivided into 100 cents and is presented with the symbol "R." It derives its name from the word "Witwatersrand" which refers to the location where the majority of South Africa's gold deposits are found. It was introduced on February 14, 1961, coinciding with the establishment of the Republic of South Africa to replace the Round Sterling. The Rand at the time was able to maintain its strength against foreign counterparts due to the country's trade position as a gold exporter. However, during the 1980s, pressure mounted for South Africa to abandon its apartheid policy which resulted in the devaluation of the currency.
The South African Rand is regulated by the South African Reserve Bank. The rand is commonly traded with several currency pairings including USDZAR, EURZAR, AUDZAR, GBPZAR among others. It is issued in both coins and paper money with coins circulating in denominations of 5, 10, 20 and 50 cents, and R1, R2 and R5. Banknotes are in R 10, R 20, R 50, R 100 and R 200 denominations featuring the face of Nelson Mandela.