South African rand : Ask Biography

Currency

Local name

Suid-Afrikaanse rand

ISO 4217 Code

ZAR

Official user

South Africa (Common Monetary Area member)
Lesotho (Common Monetary Area member), alongside Lesotho loti
Namibia, alongside Namibian dollar

Unofficial user

Swaziland (Common Monetary Area member), alongside Swazi lilangeni
Zimbabwe

Inflation

3.6% (South Africa only)

ERM

Pegged with

Lesotho loti, Swazi lilangeni and Namibian dollar at par

Subunit

1/100

cent

Symbol

Coins and Banknotes

Central bank

South African Reserve Bank

Home | Currency | South African rand

The rand (sign: R; code: ZAR) is the currency of South Africa. It 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. The rand has the symbol "R" and is subdivided into 100 cents, symbol "c". The ISO 4217 code is ZAR, from Dutch Zuid-Afrikaanse rand. (South African Rand). This is echoed in South Africa's internet top-level domain name ".za" from the Dutch Zuid Afrika, meaning "South Africa".

The rand is the currency of the Common Monetary Area between South Africa, Swaziland and Lesotho. Although Namibia withdrew itself from the Common Monetary Area, the rand is still legal tender.