Rand (currency): Meaning (information, definition, explanation, facts)

The Rand has been the currency of South Africa since decimalisation in 1961, when it replaced the South African pound. It is divided into 100 cents. The ISO currency code is ZAR, and the usual notation is a prefix R.

The first banknotes bore the image of Jan van Riebeeck the first Dutch administrator of Cape Town. In the 1980s, the notes were redesigned with images of indigenous big game animals, such as the rhinoceros, lion, leopard, buffalo, elephant, etc.

Just after the September 11, 2001 attacks, the Rand suffered a drastic loss against the US Dollar. In December 2001 the Rand reached an all-time low against the Dollar of R13.85/$US1. The Rand recovered and gained more that 50% of its value since then—as at July 5, 2004 it trades R6.12/$US1.

See also: Witwatersrand, Krugerrand