The national currency of South Africa is the rand

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

In the state of South Africa, the South African rand has the status of the national currency. In addition, these banknotes are also used in other countries that are part of the Common Currency Zone with this republic. We are talking about Lesotho and Swaziland. The South African rand is still pegged to the Namibian dollar. The fact is that until 1993, Namibia was also a member of the monetary union.

General information about the currency

In the international banking system, the South African currency is marked ZAR. The composition of the monetary unit includes one hundred cents. Today, banknotes are used in denominations of ten, twenty, fifty, one hundred and two hundred rand. Along with this, coins of one, two, five, ten, twenty, fifty cents and one, two and 5 rand are in circulation. It would be nice to say that the one and two cent coins have not been produced since 2002, but are still legally traded.

Currency design

Today, the currency of South Africa is framed using images of the so-called big five animals of Africa. So, on the obverse of a bill of ten rands is the head of a white rhino, on twenty rands - an African elephant, on fifty rands - a lion's head, one hundred rands on the obverse contain a buffalo, and two hundred rands -leopard. The reverse side of the banknotes is designed using images of various natural landscapes or industrial facilities. In February 2012, the leadership of South Africa, represented by President Jacob Zuma, announced the launch of a new type of banknotes into circulation. They contain a portrait of the first black ruler of the Republic, Nelson Mandela.

On the obverse of the coins of South Africa are the state emblem, the year of manufacture, as well as the name of the state, applied in one of the local dialects. These include the Ndebele, Tsonga, Swazi, Sotho, and Xhosa. In addition, Afrikaans and English inscriptions 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 the image of an African screaming eagle, and on five cents there is a crane of paradise. In addition, a calla flower is displayed on ten cents, a twenty-cent coin contains an image of a royal protea flower, which is considered one of the main national emblems of South Africa. Also of note are the fifty cents, one, two and five metallic rands. They depict, respectively, the royal strelitzia, springbok, kudu and wildebeest.

The rate of the rand relative to other banknotes

Currently, the rand is in the status of a banknote with limited conversion. 1 to 0.07 - this is how it is quoted in relation to the AmericanSouth African dollar currency. The exchange rate against the euro is 1/0, 064. The South African currency exchange rate against the ruble is 1 to 4.54. It would be nice to say that the rand is very popular among traders involved in trading on Forex sites. 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 are significantly increased. Another attractive feature of the South African rand is its collateral. Behind this currency is the powerful economy of South Africa. This country is rich in its minerals 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 into the Republic of South Africa. At the same time, documented information on the amount of imported funds should be provided. South African currency is allowed for export in an amount 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.