South African Rand

Overview

Economy

• South Africa is a member of AU, SADC, BRICS, G20, Commonwealth.
• Main industries include: Mining, Automobile assembly, Metalworking, Machinery, Textiles, Iron and steel, Chemicals, Fertilizer, Foodstuffs, Commercial ship repair.
• South Africa is part of the World Trade Organization.
• Imports are machinery, equipment, chemicals, petroleum products, scientific instruments, foodstuffs.
• Major exports include gold, diamonds, platinum, other metals, machinery, equipment.
• GDP: $422.0 billion (2023 est.).
• GDP per capita: $6,994 (2023 est.).
• Unemployment rate: 32.1% (2023 est.).
• Inflation rate: 5.9% (2023 est.).
• Main trading partners: China, Germany, United States, Japan, India, United Kingdom.
• Trade agreements: SADC Trade Protocol, SACU, AGOA, EU Trade Agreement.

History

• Previous currencies used: South African pound, British pound.
• The rand was introduced in 1961, replacing the South African pound. It was named after the Witwatersrand, the ridge where Johannesburg is located and where most of South Africa's gold deposits were found.
• 1961: Rand introduced, replacing South African pound at 2:1
• 1970s: Apartheid sanctions impact
• 1985: Debt standstill declared
• 1994: Democratic transition
• 2001: All-time low against USD
• 2008: Global financial crisis impact
• 2015-2016: Political uncertainty and downgrades
• Exchange rate peg: Free floating since 1979.

General Information

• ISO 4217 Code: ZAR
• Symbols: ZAR/R
• Currency Subunits: 100 cents
• Central Bank: South African Reserve Bank
• Monetary Policy: Inflation targeting with 3-6% target range. Free-floating exchange rate with focus on domestic price stability.
• Bills: 10 ZAR, 20 ZAR, 50 ZAR, 100 ZAR, 200 ZAR
• Coins: 5 cents, 10 cents, 20 cents, 50 cents, 1 rand, 2 rand, 5 rand
• USD Exchange Rate: Variable (approximately 18-19 ZAR per USD)
• Pegged To: None (Floating)
• Capital: Cape Town (legislative), Pretoria (administrative), Bloemfontein (judicial)
• Population: 60,414,495 (2023 est.)
• Area: 1,221,037 km²
• Languages: Zulu 22.7%, Xhosa 16%, Afrikaans 13.5%, English 9.6%, Sepedi 9.1%, Setswana 8%, Sesotho 7.6%, Xitsonga 4.5%, siSwati 2.5%, Tshivenda 2.4%, isiNdebele 2.1%
• Time Zones: UTC+2 (South Africa Standard Time)
• Government Type: Parliamentary republic
• Head of Government: President (head of state and government)
• Independence: May 31, 1910 (Union of South Africa formed from four British colonies); April 27, 1994 (majority rule)
• Ethnic Groups: Black African 81.4%, Colored 8.2%, White 7.3%, Indian/Asian 2.7%, Other 0.4%
• Religions: Protestant 36%, Catholic 7.1%, Muslim 1.5%, Other Christian 36%, Other 2.3%, Unspecified 1.4%, None 15.1%
• Literacy Rate: 95% (2019 est.)
• Transport: OR Tambo International Airport, extensive road network, railway system, major ports (Durban, Cape Town, Port Elizabeth)
• Communications: Good telecommunications, 68% internet penetration, extensive mobile coverage
• Energy: Coal 69%, Nuclear 6%, Renewables 7%, Natural gas 3%, Hydroelectric 1%, Other 14%
• Countries Using This Currency: South Africa
• Data Sources: Central Bank: South African Reserve Bank (resbank.co.za), Economic Data: Statistics South Africa, World Bank, IMF, Trade Data: South African Revenue Service, Demographic Data: Statistics South Africa, Geographic Data: South African Weather Service, Historical Data: South African Reserve Bank archives
• Last Updated: 2025