South Africa, Currency

The rand is the currency of South Africa. It takes its name from the Witwatersrand (White-waters-ridge in Afrikaans), the ridge upon which Johannesburg is built and where most of South Africa's gold deposits were found. It was first introduced in 1961, coinciding with the establishment of the Republic of South Africa. It replaced the South African pound as legal tender, at the rate of two rand per pound or ten shillings to the rand. The rand has the symbol 'R' and is divided into 100 cents, symbol 'c', and is available in denominations of five notes (R10, R20, R50, R100 and R200) and seven coins (5c, 10c, 20c, 50c, R1, R2 and R5). One and two cent coins were also available until their discontinuation in April 2002, primarily due to inflation devalueing them. All prices are now rounded to the nearest 5c and the coins are no longer in circulation. Read more

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Source: FOREX Bank

Source: ECB

A currency is a unit of exchange, facilitating the transfer of goods and services. It is a form of money, where money is defined as a medium of exchange (rather than e.g. a store of value). A currency zone is a country or region in which a specific currency is the dominant medium of exchange. To facilitate trade between currency zones, there are exchange rates i.e. prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other. Currencies can be classified as either floating currencies or fixed currencies based on their exchange rate regime. In common usage, currency sometimes refers to only paper money, as in "coins and currency", but this is misleading. Coins and paper money are both forms of currency. Read more

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