South African rand

  1. ^ A Common Monetary Area member.
  2. ^ A Common Monetary Area member, used alongside Lesotho loti
  3. ^ A Common Monetary Area member, used alongside Namibian dollar
  4. ^ A Common Monetary Area member, used alongside Swazi lilangeni
  5. ^ Alongside Zimbabwean dollar (suspended indefinitely from 12 April 2009), euro, US dollar, pound sterling, Botswana pula, Indian rupee, Australian dollar, Chinese yuan, and Japanese yen. The US dollar has been adopted as the official currency for all government transactions.

The rand (sign: R; code: ZAR) is the official currency of South Africa. The rand is subdivided into 100 cents (sign: "c"). The ISO 4217 code is ZAR, from Zuid-Afrikaanse rand (South African rand; the ZA is a historical relic from Dutch and is not used in any current context except the country abbreviation, where it is used because "SA" is allocated to Saudi Arabia. The only correct Afrikaans spelling is Suid-Afrikaanse rand).[1]

The rand is legal tender in the Common Monetary Area between South Africa, Swaziland (Eswatini), Lesotho and Namibia, although the last three countries do have their own currencies pegged at par with the rand. When referring to the currency, the abbreviation is usually upper case "R", but the name is spelt "rand" in lower case in both English[2] and Afrikaans.[3]

Before 1976, the rand was legal tender in Botswana.

South African rand
ISO 4217
CodeZAR
Number710
Exponent2
Denominations
Superunit
 16,500Krugerrand (value pegged with 1oz gold)
Subunit
 1/100Cent
Pluralrand
SymbolR
Centc
BanknotesR 10, R 20, R 50, R 100, R 200
Coins10c, 20c, 50c, R 1, R 2, R 5, Krugerrand
Demographics
Official user(s) South Africa[a]
 Lesotho[b]
 Namibia[c]
 Swaziland[d]
Unofficial user(s) Angola
 Zambia
 Zimbabwe[e]
Issuance
Central bankSouth African Reserve Bank
 Websitewww.resbank.co.za
Valuation
Inflation3.6% (South Africa only)
 SourceSouth African Reserve Bank, November 2010
 MethodCPI
Pegged byLesotho loti, Swazi lilangeni, and Namibian dollar, all at par
  1. ^ A Common Monetary Area member.
  2. ^ A Common Monetary Area member, used alongside Lesotho loti
  3. ^ A Common Monetary Area member, used alongside Namibian dollar
  4. ^ A Common Monetary Area member, used alongside Swazi lilangeni
  5. ^ Alongside Zimbabwean dollar (suspended indefinitely from 12 April 2009), euro, US dollar, pound sterling, Botswana pula, Indian rupee, Australian dollar, Chinese yuan, and Japanese yen. The US dollar has been adopted as the official currency for all government transactions.

Etymology

The rand takes its name from the Witwatersrand ("white waters' ridge" in English), the ridge upon which Johannesburg is built and where most of South Africa's gold deposits were found.

History

The rand was introduced in the Union of South Africa on 14 February 1961, three months before the country declared itself a republic.[4] 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.[5] It replaced the South African pound as legal tender, at the rate of 2 rand to 1 pound, or 10 shillings to the rand. The government introduced a mascot, Decimal Dan, "the rand-cent man" (known in Afrikaans as Daan Desimaal).[6] This was accompanied by a radio jingle, to inform the public about the new currency.[7]

Brief exchange rate history

1971–2000

ZAR-USD exchange rate 1974-2014
Value of the South African rand to the United States dollar from 1975-2015 by the blue columns: The percentage rate of change year-on-year is shown by the black line.[8]

One rand was worth US$1.40 from the time of its inception in 1961 until late-1971. Its value thereafter fluctuated as various exchange rate dispensations were implemented by the South African authorities. By the early-1980s, high inflation and mounting political pressure combined with sanctions placed against the country due to international opposition to the apartheid system had started to erode its value. The currency broke above parity with the dollar for the first time in March 1982, and continued to trade between R 1 and R 1.30 to the dollar until June 1984, when depreciation of the currency gained momentum. By February 1985, it was trading at over R 2 per dollar, and in July that year, all foreign exchange trading was suspended for three days to try to stop the depreciation.

By the time that State President P. W. Botha made his Rubicon speech on 15 August 1985, it had weakened to R 2.40 per dollar. The currency recovered somewhat between 1986–88, trading near the R 2 level most of the time and even breaking beneath it sporadically. The recovery was short-lived, however, and by the end of 1989, the rand was trading at more than R 2.50 per dollar.

As it became clear in the early-1990s that the country was destined for Black majority rule and one reform after the other was announced, uncertainty about the future of the country hastened the depreciation until the level of R 3 to the dollar was breached in November 1992. A host of local and international events influenced the currency after that, most notably the 1994 general election which had it weaken to over R 3.60 to the dollar, the election of Tito Mboweni as the Governor of the South African Reserve Bank, and the inauguration of President Thabo Mbeki in 1999 which had it quickly slide to over R 6 to the dollar. The controversial land reform programme that was initiated in Zimbabwe, followed by the September 11, 2001 attacks, propelled it to its weakest historical level of R 13.84 to the dollar in December 2001.

2001–2011

South Africa-Money-Old01
Two generations of older notes and coins: The notes of the latter of these two generations (as depicted by the R5 note in this image) were replaced with the iconic "Big Five" notes and these were recently updated to show the face of Nelson Mandela.
South African-Money01
Banknotes and coins of the South African rand's fourth series (2005–2012)

This sudden depreciation in 2001 led to a formal investigation, which in turn led to a dramatic recovery. By the end of 2002, the currency was trading under R 9 to the dollar again, and by the end of 2004 was trading under R 5.70 to the dollar. The currency softened somewhat in 2005, and was trading around R 6.35 to the dollar at the end of the year. At the start of 2006, however, the currency resumed its rally, and as of 19 January 2006, was trading under R 6 to the dollar again. However, during the second and third quarters of 2006 (i.e. April through September), the rand weakened significantly.

In sterling terms, it fell from around 9.5p to just over 7p, losing some 25% of its international trade-weighted value in just six months. In late-2007, the rand rallied modestly to just over 8p, only to experience a precipitous slide during the first quarter of 2008.

This downward slide could be attributed to a range of factors: South Africa's worsening current account deficit, which widened to a 36‑year high of 7.3% of gross domestic product (GDP) in 2007; inflation at a five-year high of just under 9%; escalating global risk aversion as investors' concerns over the spreading impact of the sub-prime crisis grew; and a general flight to "safe havens", away from the perceived risks of emerging markets. The rand depreciation was exacerbated by the Eskom electricity crisis, which arose from the utility being unable to meet the country's rapidly growing energy demands.

2012–present

A stalled mining industry in late-2012 led to new lows in early-2013.[9] In late January 2014, the rand slid to R11.25 to the dollar, with analysts attributing the shift to "word from the US Federal Reserve that it would trim back stimulus spending, which led to a massive sell-off in emerging economies."[10] In 2014, South Africa experienced its worst year against the US dollar since 2009,[11] and in March 2015, the rand traded at its worst since 2002.[11] At the time, Trading Economics released data that the rand "averaged R4.97 to the dollar between 1972–2015, reaching an all time high of R12.45 in December 2001 and a record low of R0.67 in June of 1973."[11] By the end of 2014, the rand had weakened to R 15.05 per dollar, partly due to South Africa's consistent trade account deficit with the rest of the world.

From 9–13 December 2015, over a four-day period, the rand dropped over 10% due to what some suspected was President Zuma's surprise announcement that he would be replacing the Finance Minister Nhlanhla Nene with the little-known David van Rooyen. The rapid drop in value was stemmed when Zuma backtracked and announced that the better-known previous Minister of Finance, Pravin Gordhan, would instead be appointed to the post. Zuma's surprise sacking of Nene damaged international confidence in the rand, and the exchange rate was volatile throughout much of January 2016, and reached an all-time low of R 17.9169 to the US dollar on 9 January 2016 before rebounding to R 16.57 later the same day.[12]

The January drop in value was also partly caused by Japanese retail investors cutting their losses in the currency to look for higher-yield investments elsewhere and due to concerns over the impact of the economic slowdown in China, South Africa's largest export market.[13] By mid-January, economists were speculating that the rand could expect to see further volatility for the rest of 2016.[14][15] By 29 April, it reached its highest performance over the previous five months, exchanging at a rate of 14.16 to the United States dollar.[16]

Following the United Kingdom voting to leave the European Union, the rand dropped in value over 8% against the United States dollar on 24 June 2016, the currency's largest single-day decline since the 2008 economic crash.[17] This was partly due to a general global financial retreat from currencies seen as risky to the US dollar[18] and partly due to concerns over how British withdrawal from the EU would impact the South African economy and trade relations.[17][19]

In April 2017, a Reuters poll estimated that the rand would remain relatively stable for the rest of the year, as two polls found that analysts had already factored in a possible downgrade to "junk" status. At the time, Moody's rated South Africa two notches above junk status.[20] When President Jacob Zuma narrowly won a motion of no confidence in South Africa in August 2017, the rand continued to slide, dropping 1.7% that day.[21] In September 2017, Goldman Sachs Group said that the debt and corruption of Eskom Holdings was the biggest risk to South Africa's economy and the exchange rate of the rand. At the time, it had no permanent CEO, and Colin Coleman of Goldman Sachs in Africa said the company was "having discussions on solutions" on finding credible management.[22] In October 2017, the rand firmed against the US dollar as it recovered from a six-month low. Reuters noted that "South Africa is highly susceptible to global investor sentiment as the country relies on foreign money to cover its large budget and current account deficits."[23] On November 13, 2017, the rand fell by over 1% when the budget chief Michael Sachs stood down from his position in Zuma's administration.[24]

Coins

5-za-rand
A 5-Rand bimetallic coin issued in 2004

Coins were introduced in 1961 in denominations of ​12, 1, ​2 12, 5, 10, 20, and 50 cents. In 1965, 2-cent coins replaced the ​2 12-cent coins. The ​12-cent coin was last struck for circulation in 1973. The 2-rand coin was introduced in 1989, followed by 5-rand coins in 1994. Production of the 1- and 2-cent coins was discontinued in 2002, primarily due to inflation having devalued them, but they remain legal tender.[25][26][27] Shops normally round the total purchase price of goods to the nearest 10 cents (in favour of the consumer).

In an effort to curb counterfeiting, a new 5-rand coin was released in August 2004. Security features introduced on the coin include a bimetal design (similar to the €1 and €2 coins, the Thai 10-baht coin, the Philippine ten peso coin [the coin was changed the composition], the British £2 coin, and the Canadian $2 coin), a specially serrated security groove along the rim and microlettering.[28]

Banknotes

The first series of rand banknotes was introduced in 1961 in denominations of 1-, 2-, 10-, and 20-rand, with similar designs and colours to the preceding pound notes to ease the transition. They bore the image of what was believed at the time to be Jan van Riebeeck, the first V.O.C. administrator of Cape Town. It was later discovered that the image was not in fact Van Riebeeck at all, a portrait of Bartholomeus Vermuyden had been mistaken for Van Riebeeck.[29] Like the last pound notes, they were printed in two variants, one with English written first and the other with Afrikaans written first.

In 1966, a second series was released with designs which moved away from the previous pound notes. Notes with denominations of 1-, 5- and 10-rand were produced with predominantly one colour per note. A smaller 1-rand note with the same design was introduced in 1973 and a 2-rand note was introduced in 1974. The 20-rand denomination from the first series was dropped. All notes bore the image of Jan van Riebeeck. The practice of having an English and an Afrikaans version of each note was continued in this series.

The 1978 series began with denominations of 2-, 5-, 10- and 20-rand, with a 50-rand introduced in 1984. This series had only one language variant for each denomination of note. Afrikaans was the first language on the 2-, 10-, and 50-rand, while English was the first language on the 5- and 20-rand. The 1-rand note was replaced by a coin.

In the 1990s, the notes were redesigned with images of the Big Five wildlife species. 10-, 20- and 50-rand notes were introduced in 1992 & 1993, retaining the colour scheme of the previous issue. Coins were introduced for the 2- and 5-rand, replacing the notes of the previous series, mainly because of the severe wear and tear experienced with low-denomination notes in circulation. In 1994, 100- and 200-rand notes were introduced.

The 2005 series has the same principal design, but with additional security features such as colour-shifting ink on the 50-rand and higher and the EURion constellation. The obverses of all denominations were printed in English, while two other official languages were printed on the reverse, thus making use of all 11 official languages of South Africa.

In 2010, the South African Reserve Bank and commercial banks withdrew all 1994 series 200-rand banknotes due to relatively high-quality counterfeit notes in circulation.[30]

In 2011, the South African Reserve Bank issued 100-rand banknotes which were defective because they lacked fluorescent printing visible under UV light. In June, printing of this denomination was moved from the South African Bank Note Company to Crane Currency's Swedish division (Tumba Bruk), which reportedly produced 80 million 100-rand notes.[31] The South African Reserve Bank shredded 3.6 million 100-rand banknotes printed by Crane Currency because they had the same serial numbers as a batch printed by the South African Bank Note Company. In addition, the notes printed in Sweden were not the correct colour, and they were 1 mm short.[32]

On 11 February 2012, President Jacob Zuma announced that the country would be issuing a new set of banknotes bearing Nelson Mandela's image.[33][34] They were entered into circulation on 6 November 2012.[35] These contained the same denominations of 10-, 20-, 50-, 100- and 200-rand.

In 2013, the 2012 series was updated with the addition of the EURion constellation to all five denominations.[36]

On 18 July 2018, a special commemorative series of banknotes was released in commemoration of the 100th anniversary of Nelson Mandela's birth. This series includes notes of all denominations, 10-, 20-, 50-, 100- and 200-rand. These notes will circulate alongside the existing notes.[37] The notes depict the standard face of Nelson Mandela on the obverse, but instead of the Big Five animals on the reverse, they show a younger Mandela with different iconic scenes relating to his legacy. These scenes comprise: the rolling hills of the Eastern Cape, featuring Mandela's humble birthplace of Mvezo (10-rand); the home of Mandela in Soweto, where he defined his political life alongside other struggle icons (20-rand); the site where Mandela was captured near Howick, following 17 months in hiding, where a monument to him has been erected (50-rand); the place of Mandela's 27-year imprisonment at Robben Island, showing a pile of quarried limestone (100-rand); the statue of Mandela at the Union Buildings in remembrance of when he was inaugurated there in 1994 (200-rand).[38][39][40]

First series

Banknotes of the South African rand (1961 First Issue)[41]
Image Value Obverse Reverse Colour Language Size (mm)
[1] 1 rand Jan van Riebeeck Lion from coat of arms Brown Afrikaans/English, English/Afrikaans 136×78
[2] 2 rand Lion from coat of arms Blue Afrikaans/English, English/Afrikaans 149×84
[3] 10 rand Jan van Riebeeck's sailing ship Green Afrikaans/English, English/Afrikaans 170×96
[4] 20 rand Gold mine Purple Afrikaans/English, English/Afrikaans 176×103

Second series

Banknotes of the South African rand (1966 Second Issue)[41]
Image Value Obverse Reverse Colour Language Size (mm)
[5] 1 rand Jan van Riebeeck and protea Farming and agriculture Brown Afrikaans/English, English/Afrikaans 128×64
1 rand Jan van Riebeeck and protea Farming and agriculture Brown Afrikaans/English, English/Afrikaans 120×57
2 rand Jan van Riebeeck, Cape Dutch architecture and vines Gariep Dam, pylon and maize cob Blue Afrikaans/English, English/Afrikaans 127×63
[6] 5 rand Jan van Riebeeck, Voortrekker Monument and Great Trek Mining Purple Afrikaans/English, English/Afrikaans 134×70
[7] 10 rand Jan van Riebeeck, Union Buildings and springbok Jan van Riebeeck's three ships Green Afrikaans/English, English/Afrikaans 140×76

Third series

Banknotes of the South African rand (1978 Third Issue)[41]
Image Value Obverse Reverse Colour Language Size (mm)
[8] 2 rand Jan van Riebeeck and pylon Sasol coal to oil refinery Blue Afrikaans and English 120×57
[9] 5 rand Jan van Riebeeck and diamonds Mining and Johannesburg city centre Purple English and Afrikaans 127×63
[10] 10 rand Jan van Riebeeck and protea Agriculture Green Afrikaans and English 133×70
[11] 20 rand Jan van Riebeeck, Cape Dutch architecture and vines Jan van Riebeeck's three ships and Coat of Arms of South Africa Brown English and Afrikaans 140×77
[12] 50 rand Jan van Riebeeck and lion Fauna and flora Red Afrikaans and English 147×83

Fourth series

Banknotes of the South African rand (1992 Fourth Issue "Big Five")[41][42]
Image Value Obverse Reverse Colour Language Size (mm)
[13] 10 rand Rhinoceros Agriculture Green Afrikaans and English 128×70
[14] 20 rand Elephants Mining Brown English and Afrikaans 134×70
[15] 50 rand Lions Manufacturing Red Afrikaans and English 140×70
[16] 100 rand Cape buffaloes Tourism Blue English and Afrikaans 146×70
[17] 200 rand Leopards Transport and communication Orange Afrikaans and English 152×70

Fifth series

Banknotes of the South African rand (2005 Fifth Issue "English & Other Official Languages")[41]
Image Value Obverse Reverse Colour Language Size (mm)
[18] 10 rand Rhinoceros Agriculture Green English, Afrikaans, Swati 128×70
[19] 20 rand Elephants Mining Brown English, Southern Ndebele, Tswana 134×70
[20] 50 rand Lions Manufacturing Red English, Venda, Xhosa 140×70
[21] 100 rand Cape buffaloes Tourism Blue English, Northern Sotho, Tsonga 146×70
[22] 200 rand Leopards Transport and communication Orange English, Sotho, Zulu 152×70

Sixth series

Banknotes of the South African rand (2012 Sixth Issue "Nelson Mandela")[41]
Image Value Obverse Reverse Colour Language Size (mm)
[23] 10 rand Nelson Mandela Rhinoceros Green English, Afrikaans, Swati 128×70
[24] 20 rand Elephant Brown English, Southern Ndebele, Tswana 134×70
[25] 50 rand Lion Red English, Venda, Xhosa 140×70
[26] 100 rand Cape buffalo Blue English, Northern Sotho, Tsonga 146×70
[27] 200 rand Leopard Orange English, Sotho, Zulu 152×70

Seventh series

Banknotes of the South African rand (2018 Seventh Issue "Mandela Centenary")
Image Value Obverse Reverse Colour Language Size (mm)
[28] 10 rand Nelson Mandela Young Mandela and his birthplace of Mvezo Green English, Afrikaans, Swati 128×70
[29] 20 rand Young Mandela and his home in Soweto Brown English, Southern Ndebele, Tswana 134×70
[30] 50 rand Young Mandela and the site of his capture near Howick Red English, Venda, Xhosa 140×70
[31] 100 rand Young Mandela and his place of imprisonment at Robben Island Blue English, Northern Sotho, Tsonga 146×70
[32] 200 rand Young Mandela and his statue at the Union Buildings Orange English, Sotho, Zulu 152×70
Current ZAR exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD INR USD JPY
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD INR USD JPY
From XE: AUD CAD CHF EUR GBP HKD JPY USD INR USD JPY
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD INR USD JPY
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD INR USD JPY

See also

References

  1. ^ Bosman, D. B.; Van der Merwe, I. W.; Hiemstra, L. W. (1984). Tweetalige Woordeboek Afrikaans-Engels. Tafelberg-uitgewers. ISBN 0-624-00533-X.CS1 maint: Multiple names: authors list (link)
  2. ^ Lesley Brown (1993). The New Shorter Oxford English Dictionary on Historical Principles. Clarendon Press. pp. 2–. ISBN 978-0-19-195804-5.
  3. ^ Dalene Müller (2003). Skryf Afrikaans van A tot Z. Pharos. ISBN 978-1-86890-037-4.
  4. ^ "From Van Riebeeck to Madiba". News24. 2012-09-12.
  5. ^ "The Reserve Bank and the Rand: Some historic reflections". Resbank.co.za. 29 November 2001. Retrieved 2012-09-05.
  6. ^ A General's Story: from an Era of War and Peace, Jannie Geldenhuys, Jonathan Ball, 1995, page 32
  7. ^ "'Decimal Dan' Sings: Catchy Tune Teaches New Currency". The Spokesman-Review. 10 January 1961. Retrieved 2012-09-05.
  8. ^ "Exchange Rates Between the United States dollar and South African rand". Measuring Worth. Retrieved 12 January 2016.
  9. ^ "Rand vs the dollar in 2013". Business Technology. January 2, 2014.
  10. ^ "Rand vs the dollar in 2014". Business Technology. December 17, 2014.
  11. ^ a b c "A Rand value: 1994 – 2015". Business Technology. March 12, 2015.
  12. ^ Paul Vecchiatto Michael Cohen (11 January 2016). "Zuma Begins Fightback as South Africa's Rand Gets Hammered". Bloomberg. Retrieved 13 January 2016.
  13. ^ Patrick McGroarty & Joe Parkinson (11 January 2016). "Africa Hit by China's Woes". Wall Street Journal. Retrieved 13 January 2016.
  14. ^ Candice Zachariahs (11 January 2016). "Why the rand will face more manic Mondays after plunging 9%". Fin24. Retrieved 13 January 2016.
  15. ^ Candice Zachariahs (11 January 2016). "Rand sinks most in 7 years as traders fret over China, liquidity". Fin24. Retrieved 13 January 2016.
  16. ^ http://www.prensa-latina.cu/index.php?option=com_content&task=view&id=4836251&Itemid=15
  17. ^ a b "Rand slumps more than 8% against dollar | IOL". Retrieved 2016-06-25.
  18. ^ "Brexit vote shocker sends global markets into tailspin". Retrieved 2016-06-25.
  19. ^ Kuo, Lily. "Brexit will be terrible for Africa's largest economies". Retrieved 2016-06-25.
  20. ^ "South Africa's rand expected to stabilize for rest of year: Reuters poll". Reuters. April 6, 2017.
  21. ^ "South African rand continues to fall after Zuma vote". Financial Times. August 9, 2017.
  22. ^ "Goldman Sees Eskom as Biggest Risk to South African Economy". Bloomberg. September 22, 2017.
  23. ^ "South Africa's rand recovers after hitting 6-month low". Reuters. October 9, 2017.
  24. ^ "South African rand continues to fall after Zuma vote". Financial Times. November 13, 2017.
  25. ^ "One Cent (1c)". South African Mint. Retrieved 28 November 2012.
  26. ^ "Two Cent (2c)". South African Mint. Retrieved 28 November 2012.
  27. ^ "South African currency". South African Reserve Bank. Retrieved 28 November 2012.
  28. ^ "South Africa's new R5 coin". SouthAfrica.info. 28 July 2004.
  29. ^ "So whose face was on old SA money?". IOL. 8 January 2015.
  30. ^ "Statement issued by the SARB Governor, Ms G Marcus on counterfeit notes in circulation". South African Reserve Bank. 21 April 2010. Retrieved 2010-05-25.
  31. ^ "South Africa faulty 100-rand notes reported | Africa". BanknoteNews.com. 2010-12-05. Retrieved 2012-09-05.
  32. ^ "South Africa shreds 3.6 million defective 100-rand notes | Africa". BanknoteNews.com. 2012-05-20. Retrieved 2012-09-05.
  33. ^ "Nelson Mandela banknotes to be issued by South Africa". BBC. 11 February 2012. Retrieved 11 February 2012.
  34. ^ "Announcement of the Introduction of a New Note Series". Resbank.co.za. Retrieved 2012-07-07.
  35. ^ "Nelson Mandela banknotes issued in South Africa". BBC Online.
  36. ^ "South Africa new banknotes with Omron rings reported". BankNote News. 6 November 2013. Retrieved 6 November 2013.
  37. ^ "New bank notes to honour Nelson Mandela's centenary". BusinessTech. 11 February 2018. Retrieved 10 March 2018.
  38. ^ "This is what South Africa's new Mandela bank notes look like". BusinessTech. 13 June 2018. Retrieved 13 June 2018.
  39. ^ "PICS: New Nelson Mandela banknotes launched". IOL. 13 July 2018. Retrieved 16 July 2018.
  40. ^ "#Madiba100 commemorative notes and coin have a new look and feel". IOL. 14 July 2018. Retrieved 16 July 2018.
  41. ^ a b c d e f Wirz, Heinz. Dr Heinz Wirz on the Bank Notes of South Africa. Volume II - The South African rand (7th ed.).
  42. ^ "Banknotes". Where's My Moola. Retrieved 2012-11-19.

Further reading

External links

Preceded by:
South African pound
Reason: decimalization
Ratio: 2 rand = 1 South African pound = 1 British pound
Currency of South Africa
1961 –
Succeeded by:
Current
Currency of South West Africa
1961 – 1990
Note: administered by/occupied by South Africa since 1915
Currency of Namibia
1990 – 1993
Legal tender in Namibia
1993 –
Succeeded by:
Namibian dollar
Reason: withdrawal from Common Monetary Area
Ratio: at par
Note: dollar introduced in 1993, with South African rand remaining legal tender
Currency of Basutoland
1961 – 1966
Currency of Lesotho
1966 – 1980
Legal tender in Lesotho
1980 –
Succeeded by:
Lesotho loti
Note: loti introduced in 1980, with South African rand remaining legal tender
Currency of Swaziland
1961 – 1974
Legal tender in Swaziland
1974 – 1986
Circulates in Swaziland
1986 –
Succeeded by:
Swazi lilangeni
Note: lilangeni introduced in 1974. South African rand continues to circulate unofficially
Currency of Bechuanaland Protectorate
1961 – 1966
Currency of Botswana
1966 – 1976
Succeeded by:
Botswana pula
Reason: creation of independent currency
Big five game

In Africa, the Big Five game animals are the lion, leopard, rhinoceros, elephant, and Cape buffalo. The term was coined by big-game hunters, and refers to the five most difficult animals in Africa to hunt on foot, but is now also widely used by safari tour operators.The 1990 and later releases of South African rand banknotes feature a different big-five animal on each denomination.

Countries where all can be found include Angola, Botswana, Zambia, Uganda, Namibia, Ethiopia, South Africa, Kenya, Tanzania, Zimbabwe, the Democratic Republic of the Congo, Rwanda and Malawi.

Botswana pula

The pula is the currency of Botswana. It has the ISO 4217 code BWP and is subdivided into 100 thebe. Pula literally means "rain" in Setswana, because rain is very scarce in Botswana — home to much of the Kalahari Desert — and therefore valuable and a blessing. The word also serves as the national motto of the country.

A sub-unit of the currency is known as thebe, or "shield", and represents defence. The names were picked with the help of the public.

Coins of the South African rand

The coins of the South African rand are part of the physical form of South Africa's currency, the South African rand. In 1961, South Africa replaced the pound with a decimal currency: 100 cents (100c) = 1 rand (R1), 1 rand being valued at 10 shillings and 1 cent at 1.2 pence.

Common Monetary Area

The Common Monetary Area (CMA) links South Africa, Namibia, Lesotho and Swaziland into a monetary union. It is allied to the Southern African Customs Union (SACU).

The main purpose of this trade is that all of the parties can have the same development and equitable economic advance so they can be treated as a whole.

Although the South African rand is legal tender in all states, the other member states issue their own currencies: the Lesotho loti, Namibian dollar and Swazi lilangeni. However, these are exchanged at par with the rand and there is no immediate prospect of change. Foreign exchange regulations and monetary policy throughout the CMA continue to reflect the influence of the South African Reserve Bank.

Of the SACU members, only Botswana is currently out of the CMA, having replaced the rand with the pula in 1976. Botswana wanted to implement its own monetary policy and to adjust the exchange rate in case of any future problem in the economy that will affect their economy as well.

Currency substitution

Currency substitution or dollarization is the use of a foreign currency in parallel to or instead of the domestic currency.Currency substitution can be full or partial. Most, if not all, full currency substitution has taken place after a major economic crisis, for example, Ecuador and El Salvador in Latin America and Zimbabwe in Africa. Some small economies, for whom it is impractical to maintain an independent currency, use those of their larger neighbours; for example Liechtenstein uses the Swiss Franc.

Partial currency substitution occurs when residents of a country choose to hold a significant share of their financial assets denominated in a foreign currency. It can also occur as a gradual conversion to full currency substitution, for example, Argentina and Peru were both in the process of converting to the U.S. dollar during the 1990s.

De facto currency

A de facto currency is a unit of money that is not legal tender in a country but is treated as such by most of the populace. The United States dollar and the European Union euro are the most common de facto currencies.

Economy of Lesotho

Lesotho is geographically surrounded by South Africa and economically integrated with it as well. The economy of Lesotho is based on agriculture, livestock, manufacturing, mining, and depends heavily on inflows of workers’ remittances and receipts from the Southern African Customs Union (SACU). The majority of households subsist on farming. The formal sector employment consist of mainly the female workers in the apparel sector, the male migrant labor, primarily miners in South Africa for 3 to 9 months and employment in the Government of Lesotho (GOL) . The western lowlands form the main agricultural zone. Almost 50% of the population earn income through informal crop cultivation or animal husbandry with nearly two-thirds of the country's income coming from the agricultural sector.

Lesotho has taken advantage of the African Growth and Opportunity Act (AGOA) to become the largest exporter of garments to the US from sub-Saharan Africa. American Brands and retailers sourcing from Lesotho include: Foot Locker, Gap, Gloria Vanderbilt, JCPenny, Levi Strauss, Saks, Sears, Timberland and Wal-Mart. In mid-2004 its employment reached over 50,000 mainly female workers, marking the first time that manufacturing sector workers outnumbered government employees. In 2008 it exported 487 million dollars mainly to the U.S.A. Since 2004 employment in the sector was somehow reduced to about 45,000, in mid-2011, due to intense international competition in the garment sector. It was the largest formal sector employer in Lesotho in 2011. The sector initiated a major program to fight HIV/AIDS called Apparel Lesotho Alliance to Fight AIDS (ALAFA). It is an industry-wide program providing prevention and treatment for the workers.Lesotho, is a member of the Southern African Customs Union (SACU) in which tariffs have been eliminated on the trade of goods between other member countries, which also include Botswana, Namibia, South Africa, and Swaziland. Lesotho, Swaziland, Namibia, and South Africa also form a common currency and exchange control area known as the Rand Monetary Area that uses the South African rand as the common currency. In 1980, Lesotho introduced its own currency, the loti (plural: maloti). One hundred lisente equal one loti. The Loti is at par with the rand.

Lesotho loti

The Loti (plural: maLoti) is the currency of the Kingdom of Lesotho. It is subdivided into 100 Lisente (sg. Sente). It is pegged to the South African rand on a 1:1 basis through the Common Monetary Area, and both are accepted as legal tender within Lesotho. The loti was first issued in 1966, albeit as a non-circulating currency. In 1980, Lesotho issued its first coins denominated in both loti and lisente (dated 1979) to replace the South African Rand, but the Rand remains legal tender.

The name derives from the Sesotho loti, "mountain," while sente is from English "cent."

List of central banks of Africa

There are two African currency unions associated with multinational central banks; the West African Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) and the Central African Banque des États de l'Afrique Centrale (BEAC). Members of both currency unions use the CFA Franc as their legal tender.

Below is a list of the central banks and currencies of Africa.

List of circulating currencies

This list contains the 180 currencies recognized as legal tender in United Nations (UN) member states, UN observer states, partially recognized or unrecognized states, and their dependencies. However excluding the pegged (fixed exchange rate) currencies, there are only 130 currencies (which are independent or pegged to a currency basket). Dependencies and unrecognized states are listed here only if another currency is used in their territory that is different from the one of the state that administers them or has jurisdiction over them.

List of companies of Eswatini

Eswatini is a sovereign state in Southern Africa. Eswatini is a developing country with a small economy. Its GDP per capita of $9,714 means it is classified as a country with a lower-middle income. As a member of the Southern African Customs Union (SACU) and Common Market for Eastern and Southern Africa (COMESA), its main local trading partner is South Africa. Eswatini's currency, the lilangeni, is pegged to the South African rand. Eswatini's major overseas trading partners are the United States and the European Union. The majority of the country's employment is provided by its agricultural and manufacturing sectors. Eswatini is a member of the Southern African Development Community (SADC), the African Union, the Commonwealth of Nations and the United Nations.

Malawian kwacha

The kwacha (; ISO 4217: MWK, official name Malawi Kwacha) is the currency of Malawi as of 1971, replacing the Malawian pound. It is divided into 100 tambala. The kwacha replaced other types of currency, namely the UK pound sterling, the South African rand and the Rhodesian dollar, that had previously circulated through the Malawian economy. The exchange rate of the kwacha undergoes fixed periodical adjustments, but since 1994 the exchange rate has floated. In 2005, administrative measures were put in place by Bingu wa Mutharika to peg the exchange rate with other currencies. Banknotes are issued by the Reserve Bank of Malawi. In May 2012, the Reserve Bank of Malawi devalued the kwacha by 34% and unpegged it from the United States dollar.

Mcebisi Jonas

Mcebisi Hubert Jonas (born 1960) is a former Deputy Finance Minister of the Government of South Africa who served from 2014 to 2016. He has also been a Member of the Executive Council for Economic Development and Environmental Affairs in the Eastern Cape province of South Africa under the Premier of the Eastern Cape Phumulo Masualle, and was a Member of the National Assembly of South Africa from 2014 to 2017.

He graduated from Vista University with a Bachelor of Arts in History & Sociology, and a Higher Diploma in Education from Rhodes University.Jonas alleges that in 2015 the Gupta family offered him 600 million South African rand to be the next finance minister, as long as he followed their agenda.

Namibian dollar

The Namibia dollar (symbol: $; code: NAD; Afrikaans: Namibiese dollar) has been the currency of Namibia since 1993. It is normally abbreviated with the dollar sign $, or alternatively N$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.

Nelson Mandela Invitational

The Nelson Mandela Invitational was a charity golf tournament conceptualised by Marc Player, CEO of Black Knight International, which took place annually in South Africa from 2000 until 2006. It was named in honor of former South African President Nelson Mandela, and hosted by South Africa's most successful professional golfer Gary Player. Player and Mandela appeared at the event almost every year to accept proceeds on behalf of the Children's Fund and the Player Foundation who were equal beneficiaries.

The field was made up of eight teams of four, each consisting of a senior professional, a regular tour professional, a celebrity and a businessman. The teams competed for the Alliance Medal, in which the best two scores of the four players counted on each hole. From 2000 a second better-ball competition for the professionals was staged, with the best score of the two counting on each hole.

Virtually all of South Africa's top players have taken part including Ernie Els, Retief Goosen, Rory Sabbatini, Trevor Immelman, as well as some well known players from overseas, such as Jack Nicklaus, Bob Charles, Darren Clarke, Angel Cabrera, Sam Torrance and Lee Westwood. Some of the professionals have been women, for example, Catrin Nilsmark, Sandra Gal, Sally Little and Ashleigh Simon. The celebrities have also included a mixture of South Africans and overseas names like Samuel L. Jackson, Gary Lineker, Nigel Mansell, Frankie Fredericks and Kapil Dev. The event raised over 25 million South African rand. There is prize money for the professionals, but it is modest by the standards of professional golf, and in general it has also been donated it to charities.

The event came to a close just prior to the 2007 edition, following the withdrawal of the Nelson Mandela Children's Fund citing unsubstantiated concerns over Gary Player's involvement with the design of a golf course in Burma. It has since continued as the Gary Player Invitational . It was continued as a four-player team event mixing professionals with celebrity players.

Both Nelson Mandela and Desmond Tutu subsequently accepted Gary Player's position and statement on Burma and requested that the event continue, however the Children's Fund CEO refused to do so and thus forfeited on the name and future charitable funds raised through the tournament.

However, the event being owned by Black Knight International, was kept alive with the South African leg of the Gary Player Invitational series of charity events, which adopted the same format from 2008, with the 2007 winners being retrospectively classified in the Alliance and Betterball medals.

In 2009 it raised a record R5.2 million and in 2010 the event celebrates Fancourt Links courses 10th anniversary. All funds are distributed amongst several underprivileged children's charities including The Gary Player Foundation.

Postage stamps and postal history of Lesotho

This is a survey of the postage stamps and postal history of Lesotho, formerly known as Basutoland.

South African Mint

The South African Mint is responsible for minting all coins of the South African rand on behalf of its owner the South African Reserve Bank. Located in Centurion, Gauteng near South Africa's administrative capital Pretoria, the mint manufactures coins and planchets for both domestic and international markets.

Sunshine Tour

The Sunshine Tour is a men's professional golf tour based in Southern Africa. For much of its history it was known either as the South African Tour or the FNB Tour, but it rebranded itself in an attempt to broaden its appeal. A large majority of the tour events are still staged in South Africa.

The tour is one of the six leading men's tours which before 2009 made up the membership of the International Federation of PGA Tours, but it offers much less prize money than some of the leading tours, and leading Southern African golfers traditionally prefer to play on the PGA Tour or the European Tour if they can qualify to do so, typically returning to play in Sunshine Tour events a couple of times a year.

Most of the tour's leading official money events, including the South African Open, are co-sanctioned with the European Tour to attract stronger fields. The 2015 season included 27 official money events. The co-sanctioned events had purses ranging from €1 million to $6.5 million, while the other 21 events had purses designated in South African Rand and ranging from 650,000 rand to 4.5 million rand. There was at least one tournament every month of the year except July, but the main events took place in the South African summer from November to February.

The tour has been open to non-White players since 1991. The first three Black winners were John Mashego at the 1991 Bushveld Classic, Lindani Ndwandwe at the 2001 Western Cape Classic and Tongoona Charamba at the 2006 SAA Pro-Am Invitational.In 2016, the Sunshine Tour announced an affiliation with the MENA Golf Tour, allowing the top five MENA Tour players Sunshine Tour cards and those 6th-15th into the final stage of Q School. A number of events would also be co-sanctioned among the Sunshine Tour, MENA Tour, and developmental Big Easy Tour.

Swazi lilangeni

The lilangeni (plural: emalangeni, ISO 4217 code: SZL) is the currency of Eswatini and is subdivided into 100 cents. It is issued by the Central Bank of Eswatini (Swazi: Umntsholi Wemaswati). The South African rand is also accepted in the country. Similar to the Lesotho loti, there are singular and plural abbreviations, namely L and E, so where one might have an amount L1, it would be E2, E3, or E4.

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