What Is the South African Rand (ZAR)?

1. What Is the South African Rand (ZAR)? Send South African Currency Digitally

2. The South African rand (ZAR) is the country's official currency, with the sign ZAR serving as the currency shorthand for the rand in foreign exchange (forex) markets. • The South African rand is made up of 100 cents and is frequently represented by the letter R. The rand is derived from the Afrikaans term "Witwatersrand," which means "white waters ridge." This ridge is home to the majority of South Africa's gold resources, including Johannesburg. • The Best digital way to send Zar is transfy • KEY TAKEAWAYS • The South African rand (ZAR) is the national currency of the country of South Africa. • The rand was introduced in February 1961 and mostly held a steady peg against the US dollar until the end of apartheid. • Since then, its value has depreciated as the South African economy has become increasingly linked to the rest of the world. • Several countries in the region peg their national currencies to the rand. • For the most part, the rand's value was linked to the price of gold, South Africa's main export during its early days

3. Understanding the South African Rand The South African rand (ZAR) was originally adopted in February 1961, shortly before the establishment of the Republic of South Africa. The rand replaced the South African pound at a 2 rand to 1 pound exchange rate. Until the early 1970s, the rand was valued around R1.5 per US dollar ( USD). However, the rand's exchange rate has depreciated or weakened throughout the years, making it more expensive to convert one rand to one US dollar. For example, in 1990, it cost around R2.55 to convert to one USD, but by 1999, the exchange rate was R6.14 to the USD.