|Currency Name:||South African rand|
|Central Bank:||South African Reserve Bank|
|Number of Country & Territory Using South African Rand:||1 Countries.|
|Country & Territory Officially Using South African Rand:||South Africa.|
|Banknotes:||Banknotes: R 10, R 20, R 50, R 100, R 200. |
Coins: 10c, 20c, 50c, R 1, R 2, R 5, Krugerrand.
The rand (sign: R; code: ZAR) is the official currency of South Africa. It is subdivided into 100 cents (sign: "c"). The South African rand is also legal tender in the Common Monetary Area states of Eswatini, Lesotho and Namibia. Although these three countries each have their own national currency (the lilangeni, the loti and the Namibian dollar respectively), all three have been pegged with the rand at par since their introductions, and the rand is still widely accepted as a substitute for them. The rand was also legal tender in Botswana until 1976, when the pula replaced the rand at par.
The history of rand takes its name from the Witwatersrand ("white waters' ridge" in English, rand being the Dutch and Afrikaans word for 'ridge'), the ridge upon which Johannesburg is built and where most of South Africa's gold deposits were found.
The rand was introduced in the Union of South Africa on 14 February 1961, three months before the country declared itself a republic. A Decimal Coinage Commission had been set up in 1956 to consider a move away from the denominations of pounds, shillings, and pence; it submitted its recommendations on 8 August 1958. It replaced the South African pound as legal tender, at the rate of 2 rand to 1 pound, or 10 shillings to the rand.