South African rand

The official currency of South Africa, divided into 100 cents and abbreviated ZAR. Its value floats against other currencies.

South African Reserve Bank: South Africa’s central bank, responsible for monetary policy and issuing banknotes and coins. It issues rand currency and uses monetary policy to pursue price stability.
Witwatersrand: A geological ridge in South Africa whose gold deposits helped drive the country’s mining industry. The rand takes its name from this gold-bearing region.
South African rand banknotes: Paper currency issued in rand denominations for cash payments in South Africa. Banknotes carry the rand’s denomination and national symbols into daily transactions.
Namibian dollar: The currency of Namibia, maintained at parity with the South African rand. It is a neighboring currency whose value is tied to the rand.
Floating exchange rate: An exchange-rate system in which currency prices are determined mainly by supply and demand in foreign-exchange markets. The rand’s price against other currencies is not fixed by the government.
South African pound: The currency used in South Africa before the rand was introduced in 1961. The rand replaced the pound at a fixed conversion rate.
South African rand coins: Metal coins denominated in rand and cents and issued for circulation in South Africa. Coins provide the smaller denominations used alongside rand banknotes.
Lesotho loti: The currency of Lesotho, pegged at parity with the South African rand. The loti is distinct from the rand but exchanges with it at a fixed parity.
Foreign exchange market: A global market where currencies are bought, sold, and exchanged. Rand exchange rates emerge through trading in this market.
South African Reserve Bank Act 1989: South African legislation that established the legal framework for the central bank’s functions and governance. The Act defines the institution responsible for issuing and managing rand currency.

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