South African Rand


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South African Rand

The currency of South Africa. It was introduced in 1961, replacing the South African pound when South Africa became fully independent from the United Kingdom. It was a very valuable currency for most of its early history, but mounting international pressure over apartheid and the uncertainty during reforms since then have greatly weakened it. It has been marked by fairly steady depreciation since the mid-1980s. However, it is a regionally important currency, being used in Namibia and Zimbabwe as well as South Africa.
References in periodicals archive ?
He continues, "Our commitment to innovation is aptly demonstrated by the delivery of the first South African Rand prepaid card.
While Swaziland, Namibia and Lesotho allow the South African rand to be used as "legal tender", they do not participate in the formulation of its monetary policy.
Favourable exchange rates for the American and Canadian dollars and South African rand contributed to a third of the growth in EPS.
Another factor that could have a potential impact on platinum group metals (PGM) prices in the near-term is the recent appreciation in the value of the South African rand against the U.
During the past two years, there has been a dramatic rally in the value of the South African rand because of the country's high interest rates (8 percent) compared to those of America, Europe, and Japan.
But BAT said currency fluctuations had wiped pounds 45m off operating profits as the group suffered from a weaker US dollar and South African rand.
Mackay acknowledged that one of the few blemishes on last year's results was the impact on earnings from the depreciating South African rand, in which SAB still earns much of its sales.
Meanwhile continuing devaluation of the South African rand has made offers of peaches attractive to European traders in spite of the duty.
Of course, the local currency, which tends to rise and fall with the South African rand, just got ``hammered'' when the rand declined 20 percent.
The South African rand was propelled lower in H211, partly by broad-based global risk aversion, but it recovered in early 2012.
6 billion South African rand ($422 million) in debt and 2.
In addition, Mondi plc South African branch register shareholders will receive the dividend in South African rand cents, converted at a rate of EUR 1 to ZAR 13.

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