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 ?
The Pula basket, it says, comprises of the South African Rand and the IMF's Special Drawing Rights (SDR) consisting of the US Dollar, Japanese Yen, Chinese Renminbi, Euro and the British Pound.
They were further charged with dishonestly handling Sh17,135,000, $1,311, 340 Pounds, 3,660 Euros, five Canadian dollars, 85 Australian dollars, Tsh26,000, 40 South African Rand and Ush20,000.
When one combines ongoing political risk, a technical recession and emerging concerns over potential political interference in the hallowed ground of monetary policy, it creates a picture that sellers will remain in control of the South African rand.
Political and policy uncertainty will continue to deter much-needed investment into the moribund Zimbabwean economy, while a weak harvest, depreciating South African rand, and lower commodity prices will also weigh on short-term economic activity.
Dubai: The Dubai Gold and Commodities Exchange (DGCX) said on Monday it started trade in three new currency contracts Russian Rouble Futures, Korean Won Futures and South African Rand Futures -- from December 26.
Unitemp generated annual revenue of 90m South African Rand (approximately USD 8m US Dollars at the current exchange rate) in its most recently completed fiscal year.
OSCAR PISTORIUS offered 375,000 South African rand (PS21,000) to the family of girlfriend Reeva Steenkamp after he killed her, but they rejected it because they did not want "blood money", the double-amputee athlete's sentencing hearing has been told.
The pound has risen fairly strongly against the South African rand compared with last year, which means travellers will have around PS70 more for every PS500 they exchange.
Sterling also strengthened against the South African rand and Australian dollar.
BRITONS bound for holiday in South Africa in 2013 should have money to spare because the pound has hit a four-and-a-half year high against the South African rand.
He has been given a 12 billion South African rand grant from the European Union for the project which is being created in a supercomputer at the Swiss Federal Institute for Technology in Lausanne, Switzerland, News 24 reported.
Fastjet to purchase 1 Time airline Fastjet has agreed an option with a view to purchasing the defunct low-cost airline 1 Time for one South African rand (around seven pence).

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