Finance:South African rand

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Short description: Official currency of South Africa

South African rand
ISO 4217
CodeZAR (numeric: 710)
Subunit0.01
Unit
Pluralrand
SymbolR‎
Denominations
Subunit
 ​1⁄100Cent
Symbol
 Centc
BanknotesR10, R20, R50, R100, R200
Coins10c, 20c, 50c, R1, R2, R5, Krugerrand
Demographics
Official user(s) South Africa[lower-alpha 1]
 Namibia[lower-alpha 2]
Template:Country data LSO[lower-alpha 3]
 Eswatini[lower-alpha 4]
Unofficial user(s)Template:Country data AGO
 Malawi
 Zambia
Template:Country data ZWE[lower-alpha 5]
Issuance
Central bankSouth African Reserve Bank
 Websitewww.resbank.co.za
PrinterSouth African Bank Note Company
MintSouth African Mint
 Websitewww.samint.co.za
Valuation
Inflation7.5% (South Africa only)
 SourceSouth African Reserve Bank, Sept 2022
 MethodCPI
Pegged byTemplate:Flagd Namibian dollar
Template:Flagd Lesotho loti
Template:Flagd Swazi lilangeni
(at par)
  1. ↑ A Common Monetary Area member.
  2. ↑ A Common Monetary Area member, used alongside Namibian dollar
  3. ↑ A Common Monetary Area member, used alongside Lesotho loti
  4. ↑ A Common Monetary Area member, used alongside Swazi lilangeni
  5. ↑ Alongside Zimbabwean dollar (suspended from 12 April 2009 till 2019 now also known as Real Time Gross Settlement dollar).

The South African rand, or simply the rand, (sign: R; code: ZAR[lower-alpha 1]) is the official currency of the Southern African Common Monetary Area: South Africa , Namibia (alongside the Namibian dollar), Lesotho (alongside the Lesotho loti) and Eswatini (alongside the Swazi lilangeni). It is subdivided into 100 cents (sign: "c") and the rand and cents are separated by a comma.[1]

The South African rand is legal tender in the Common Monetary Area member states of Namibia, Lesotho and Eswatini, with these three countries also having their own national currency (the dollar, the loti and the lilangeni respectively) pegged with the rand at parity and still widely accepted as substitutes. The rand was also legal tender in Botswana until 1976, when the pula replaced the rand at par.

Etymology

The rand takes its name from the Witwatersrand ("white waters' ridge" in English, rand being the Afrikaans word for 'ridge'), the ridge upon which Johannesburg is built and where most of South Africa's gold deposits were found. In English and Afrikaans the singular and plural form of the unit ("rand") is the same: one rand, ten rand, two million rand.

History

The rand was introduced in the Union of South Africa in 1961, three months before the country declared itself a republic.[2] A Decimal Coinage Commission had been set up in 1956 to consider a move away from the denominations of pounds, shillings, and pence; it submitted its recommendations on 8 August 1958.[3] It replaced the South African pound as legal tender, at the rate of 2 rand to 1 pound, or 10 shillings to the rand. The government introduced a mascot, Decimal Dan, "the rand-cent man" (known in Afrikaans as Daan Desimaal).[4] This was accompanied by a radio jingle, to inform the public about the new currency.[5] Although pronounced in the Afrikaans style as /rʌnt/ in the jingles when introduced,[6] the contemporary pronunciation in South African English is /rænd/.[7]

Brief exchange rate history

1961–2000

Value of the South African rand to the United States dollar from 1975 to 2015 by the blue columns: The percentage rate of change year-on-year is shown by the black line.[8]

One rand was worth United States dollar 1.40 (R0.72 per dollar) from the time of its inception in 1961 until late 1971, and the U.S. dollar became stronger than South African currency for the first time on 15 March 1982.[9] Its value thereafter fluctuated as various exchange rate dispensations[clarification needed] were implemented by the South African authorities. By the early 1980s, high inflation and mounting political pressure combined with sanctions placed against the country due to international opposition to the apartheid system had started to erode its value. The currency broke above parity with the dollar for the first time in March 1982, and continued to trade between R1 and R1.30 to the dollar until June 1984, when depreciation of the currency gained momentum. By February 1985, it was trading at over R2 per dollar, and in July that year, all foreign exchange trading was suspended for three days to try to stop the depreciation.

By the time that State President P. W. Botha made his Rubicon speech on 15 August 1985, it had weakened to R2.40 per dollar. The currency recovered somewhat between 1986 and 1988, trading near the R2 level most of the time and even breaking beneath it sporadically. The recovery was short-lived, however, and by the end of 1989, the rand was trading at more than R2.50 per dollar.

As it became clear in the early 1990s that the country was destined for Black majority rule and one reform after the other was announced, uncertainty about the future of the country hastened the depreciation until the level of R3 to the dollar was breached in November 1992. A host of local and international events influenced the currency after that, most notably the 1994 general election, which had it weaken to over R3.60 to the dollar, the election of Tito Mboweni as the governor of the South African Reserve Bank, and the inauguration of President Thabo Mbeki in 1999, which had it quickly slide to over R6 to the dollar. The controversial land reform programme that was initiated in Zimbabwe, followed by the September 11, 2001 attacks, propelled it to its weakest historical level of R13.84 to the dollar in December 2001.

2001–2011

Two generations of older notes and coins, later replaced with the "Big Five" notes, which were in turn replaced to show the face of Nelson Mandela in 2012[10].

This sudden depreciation in 2001 led to a formal investigation, which in turn led to a dramatic recovery. By the end of 2002, the currency was trading under R9 to the dollar again, and by the end of 2004 was trading under R5.70 to the dollar. The currency softened somewhat in 2005, and was trading around R6.35 to the dollar at the end of the year. At the start of 2006, however, the currency resumed its rally, and as of 19 January 2006, was trading under R6 to the dollar again. However, during the second and third quarters of 2006 (i.e. April through September), the rand weakened significantly.

In sterling terms, it fell from around 9.5% to just over 7%, losing some 25% of its international trade-weighted value in just six months. In late 2007, the rand rallied modestly to just over 8%, only to experience a precipitous slide during the first quarter of 2008.

This downward slide could be attributed to a range of factors: South Africa's worsening current account deficit, which widened to a 36‑year high of 7.3% of gross domestic product (GDP) in 2007; inflation at a five-year high of just under 9%; escalating global risk aversion as investors' concerns over the spreading impact of the sub-prime crisis grew; and a general flight to "safe havens", away from the perceived risks of emerging markets. The rand depreciation was exacerbated by the Eskom electricity crisis, which arose from the utility being unable to meet the country's rapidly growing energy demands.

2012–present

A stalled mining industry in late 2012 led to new lows in early 2013.[11] In late January 2014, the rand slid to R11.25 to the dollar, with analysts attributing the shift to "word from the US Federal Reserve that it would trim back stimulus spending, which led to a massive sell-off in emerging economies."[12] In 2014, South Africa experienced its worst year against the US dollar since 2009,[13] and in March 2015, the rand traded at its worst since 2002.[13] At the time, Trading Economics released data that the rand "averaged R4.97 to the dollar between 1972–2015, reaching an all time high of R12.45 in December 2001 and a record low of R0.67 in June of 1973."[13] By the end of 2014, the rand had weakened to R15.05 per dollar, partly due to South Africa's consistent trade account deficit with the rest of the world.

From 9–13 December 2015, over a four-day period, the rand dropped over 10% due to what some suspected was President Jacob Zuma's surprise announcement that he would be replacing the Finance Minister Nhlanhla Nene with the little-known David van Rooyen. The rapid drop in value was stemmed when Zuma backtracked and announced that the better-known previous Minister of Finance, Pravin Gordhan, would instead be appointed to the post. Zuma's surprise sacking of Nene damaged international confidence in the rand, and the exchange rate was volatile throughout much of January 2016, and reached an all-time low of R17.9169 to the US dollar on 9 January 2016 before rebounding to R16.57 later the same day.[14]

The January drop in value was also partly caused by Japanese retail investors cutting their losses in the currency to look for higher-yield investments elsewhere and due to concerns over the impact of the economic slowdown in China, South Africa's largest export market.[15] By mid-January, economists were speculating that the rand could expect to see further volatility for the rest of 2016.[16][17] By 29 April, it reached its highest performance over the previous five months, exchanging at a rate of R14.16 to the United States dollar.[18]

Following the United Kingdom voting to leave the European Union, the rand dropped in value over 8% against the US$ on 24 June 2016, the currency's largest single-day decline since the 2008 economic crash.[19] This was partly due to a general global financial retreat from currencies seen as risky to the US dollar[20] and partly due to concerns over how British withdrawal from the EU would impact the South African economy and trade relations.[19][21]

In April 2017, a Reuters poll estimated that the rand would remain relatively stable for the rest of the year, as two polls found that analysts had already factored in a possible downgrade to "junk" status. At the time, Moody's rated South Africa two notches above junk status.[22] When President Jacob Zuma narrowly won a motion of no confidence in South Africa in August 2017, the rand continued to slide, dropping 1.7% that day.[23] In September 2017, Goldman Sachs said that the debt and corruption of Eskom Holdings was the biggest risk to South Africa's economy and the exchange rate of the rand. At the time, it had no permanent CEO, and Colin Coleman of Goldman Sachs in Africa said the company was "having discussions on solutions" on finding credible management.[24] In October 2017, the rand firmed against the US dollar as it recovered from a six-month low. Reuters noted that "South Africa is highly susceptible to global investor sentiment as the country relies on foreign money to cover its large budget and current account deficits."[25] On 13 November 2017, the rand fell by over 1% when the budget chief Michael Sachs stood down from his position in Zuma's administration.[26]

In October 2022, the rand sank to its lowest point in two years, reaching R18.46 to the US dollar on 25 October 2022.[27]

Coins

A 5 rand bimetallic coin issued in 2004.

Coins were introduced in 1961 in denominations of ​1⁄2, 1, ​2 1⁄2, 5, 10, 20, and 50 cents. In 1965, 2 cent coins replaced the ​2 1⁄2 cent coins. The ​1⁄2 cent coin was last struck for circulation in 1973. The 1 rand coin for circulation was introduced in 1967, followed by 2 rand coins in 1989 and 5 rand coins in 1994. Production of the 1 and 2 cent coins was discontinued in 2002, followed by 5 cent coins in 2012, primarily due to inflation having devalued them, but they remain legal tender.[28][29][30][31] Shops normally round the total purchase price of goods to the nearest 10 cents.

In an effort to curb counterfeiting, a new 5 rand coin was released in August 2004. Security features introduced on the coin include a bimetal design (similar to the €1 and €2 coins, the Thai ฿10 coin, the pre-2018 Philippine ₱10 coin, the British £2 coin, and the Canadian $2 coin), a specially serrated security groove along the rim and microlettering.[32]

On 3 May 2023, the South African Reserve Bank announced that a new series of coins will be released. These will have the same denominations as the previous series. The 10c will feature an image of the Cape Honey Bee, the 20c the Bitter Aloe, the 50c the Knysna Turaco, the R1 the Springbok, the R2 the King Protea, and the R5 the Southern Right Whale.[33][34]

Banknotes

The first series of rand banknotes was introduced in 1961 in denominations of 1, 2, 10, and 20 rand, with similar designs and colours to the preceding pound notes to ease the transition. They bore the image of what was believed at the time to be Jan van Riebeeck, the first VOC administrator of Cape Town. It was later discovered that the original portrait was not in fact Van Riebeeck at all, but a portrait of Bartholomeus Vermuyden (nl) had been mistaken for Van Riebeeck.[35][36]

In 1966, a second series was released with designs which moved away from the previous pound notes. Notes with denominations of 1, 5 and 10 rand were produced with predominantly one colour per note. A smaller 1 rand note with the same design was introduced in 1973 and a 2 rand note was introduced in 1974. The 20 rand denomination from the first series was dropped. The practice of having an English and an Afrikaans version of each note was continued in this series.[citation needed]

The 1978 series began with denominations of 2, 5, 10 and 20 rand, with a 50 rand introduced in 1984. This series had only one language variant for each denomination of note. Afrikaans was the first language on the 2, 10, and 50 rand, while English was the first language on the 5 and 20 rand. The 1 rand note was replaced by a coin.

Rand banknotes and coins.
South African ATM showing R50 and R100 banknotes.

In the 1990s, the notes were redesigned with images of the Big Five wildlife species. 10, 20 and 50 rand notes were introduced in 1992 & 1993, retaining the colour scheme of the previous issue. Coins were introduced for the 2 and 5 rand, replacing the notes of the previous series, mainly because of the severe wear and tear experienced with low-denomination notes in circulation. In 1994, 100 and 200 rand notes were introduced.[citation needed]

The 2005 series has the same principal design, but with additional security features such as colour-shifting ink on the 50 rand and higher and the EURion constellation. The obverses of all denominations were printed in English, while two other official languages were printed on the reverse, thus making use of all 11 official languages of South Africa.

In 2010, the South African Reserve Bank and commercial banks withdrew all 1994 series 200-rand banknotes due to relatively high-quality counterfeit notes in circulation.[37]

In 2011, the South African Reserve Bank issued 100 rand banknotes which were defective because they lacked fluorescent printing visible under UV light. In June, printing of this denomination was moved from the South African Bank Note Company to Crane Currency's Swedish division (Tumba Bruk), which reportedly produced 80 million 100 rand notes.[38] The South African Reserve Bank shredded 3.6 million 100-rand banknotes printed by Crane Currency because they had the same serial numbers as a batch printed by the South African Bank Note Company. In addition, the notes printed in Sweden were not the correct colour, and they were 1mm short.[39]

On 11 February 2012, President Jacob Zuma announced that the country would be issuing a new set of banknotes bearing Nelson Mandela's image.[40][41] They were entered into circulation on 6 November 2012.[42] These contained the same denominations of 10, 20, 50, 100, and 200 rand.

In 2013, the 2012 series was updated with the addition of the EURion constellation to all five denominations.[43]

On 18 July 2018, a special commemorative series of banknotes was released in commemoration of the 100th anniversary of Nelson Mandela's birth. This series includes notes of all denominations, 10, 20, 50, 100, and 200 rand. These notes will circulate alongside the existing notes.[44] The notes depict the standard face of Nelson Mandela on the obverse, but instead of the Big Five animals on the reverse, they show a younger Mandela with different iconic scenes relating to his legacy. These scenes comprise: the rolling hills of the Eastern Cape, featuring Mandela's humble birthplace of Mvezo (10 rand); the home of Mandela in Soweto, where he defined his political life alongside other struggle icons (20 rand); the site where Mandela was captured near Howick, following 17 months in hiding, where a monument to him has been erected (50 rand); the place of Mandela's 27-year imprisonment at Robben Island, showing a pile of quarried limestone (100 rand); the statue of Mandela at the Union Buildings in remembrance of when he was inaugurated there in 1994 (200 rand).[45][46][47]

On 3 May 2023, the South African Reserve Bank announced that there will be a new series of bank notes which will retain the image of Nelson Mandela on the obverse, while showing the Big 5 in a family depiction on the reverse.[33] This series contains the same denominations of 10, 20, 50, 100, and 200 rand.

First series

Banknotes of the South African rand (1961 First Issue)[48]
Image Value Obverse Reverse Colour Language Size (mm)
[49] 1 rand Jan van Riebeeck Lion from coat of arms Brown Afrikaans/English, English/Afrikaans 136×78
[50] 2 rand Lion from coat of arms Blue Afrikaans/English, English/Afrikaans 149×84
[51] 10 rand Jan van Riebeeck's sailing ship Green Afrikaans/English, English/Afrikaans 170×96
[52] 20 rand Gold mine Purple Afrikaans/English, English/Afrikaans 176×103

Second series

Banknotes of the South African rand (1966 Second Issue)[48]
Image Value Obverse Reverse Colour Language Size (mm)
[53] 1 rand Jan van Riebeeck and protea Farming and agriculture Brown Afrikaans/English, English/Afrikaans 128×64
1 rand Jan van Riebeeck and protea Farming and agriculture Brown Afrikaans/English, English/Afrikaans 120×57
2 rand Jan van Riebeeck, Cape Dutch architecture and vines Gariep Dam, pylon and maize cob Blue Afrikaans/English, English/Afrikaans 127×63
[54] 5 rand Jan van Riebeeck, Voortrekker Monument and Great Trek Mining Purple Afrikaans/English, English/Afrikaans 134×70
[55] 10 rand Jan van Riebeeck, Union Buildings and springbok Jan van Riebeeck's three ships Green Afrikaans/English, English/Afrikaans 140×76

Third series

Banknotes of the South African rand (1978 Third Issue)[48]
Image Value Obverse Reverse Colour Language Size (mm)
[56] 2 rand Jan van Riebeeck and pylon Sasol coal to oil refinery Blue Afrikaans and English 120×57
[57] 5 rand Jan van Riebeeck and diamonds Mining and Johannesburg city centre Purple English and Afrikaans 127×63
[58] 10 rand Jan van Riebeeck and protea Agriculture Green Afrikaans and English 133×70
[59] 20 rand Jan van Riebeeck, Cape Dutch architecture and vines Jan van Riebeeck's three ships and Coat of Arms of South Africa Brown English and Afrikaans 140×77
[60] 50 rand Jan van Riebeeck and lion Fauna and flora Red Afrikaans and English 147×83

Fourth series

Banknotes of the South African rand (1992 Fourth Issue "Big Five")[48][61]
Image Value Obverse Reverse Colour Language Size (mm)
[62] 10 rand Rhinoceros Agriculture Green Afrikaans and English 128×70
[63] 20 rand Elephants Mining Brown English and Afrikaans 134×70
[64] 50 rand Lions Manufacturing Red Afrikaans and English 140×70
[65] 100 rand Cape buffaloes Tourism Blue English and Afrikaans 146×70
[66] 200 rand Leopards Transport and communication Orange Afrikaans and English 152×70

Fifth series

Banknotes of the South African rand (2005 Fifth Issue "English & Other Official Languages")[48]
Image Value Obverse Reverse Colour Language Size (mm)
[67] 10 rand Rhinoceros Agriculture Green English, Afrikaans, Swati 128×70
[68] 20 rand Elephants Mining Brown English, Southern Ndebele, Tswana 134×70
[69] 50 rand Lions Manufacturing Red English, Venda, Xhosa 140×70
[70] 100 rand Cape buffaloes Tourism Blue English, Northern Sotho, Tsonga 146×70
[71] 200 rand Leopards Transport and communication Orange English, Sotho, Zulu 152×70

Sixth series

Banknotes of the South African rand (2012 Sixth Issue "Nelson Mandela")[48]
Image Value Obverse Reverse Colour Language Size (mm)
[72] 10 rand Nelson Mandela Rhinoceros Green English, Afrikaans, Swati 128×70
[73] 20 rand Elephant Brown English, Southern Ndebele, Tswana 134×70
[74] 50 rand Lion Red English, Venda, Xhosa 140×70
[75] 100 rand Cape buffalo Blue English, Northern Sotho, Tsonga 146×70
[76] 200 rand Leopard Orange English, Sotho, Zulu 152×70

Seventh series

Banknotes of the South African rand (2018 Seventh Issue "Mandela Centenary")
Image Value Obverse Reverse Colour Language Size (mm)
[77] 10 rand Nelson Mandela Young Mandela and his birthplace of Mvezo Green English, Afrikaans, Swati 128×70
[78] 20 rand Young Mandela and his home in Soweto Brown English, Southern Ndebele, Tswana 134×70
[79] 50 rand Young Mandela and the site of his capture near Howick Red English, Venda, Xhosa 140×70
[80] 100 rand Young Mandela and his place of imprisonment at Robben Island Blue English, Northern Sotho, Tsonga 146×70
[81] 200 rand Young Mandela and his statue at the Union Buildings Orange English, Sotho, Zulu 152×70

Eighth series

Banknotes of the South African rand (2023 Eighth Issue "Big 5 Families")[82]
Image Value Obverse Reverse Colour Language Size (mm)
10 rand Nelson Mandela Rhinoceros Green English, Afrikaans, Swati 128×70
20 rand Elephant Brown English, Tswana, Ndebele 134×70
50 rand Lion Purple English, Xhosa, Venda 140×70
100 rand Cape buffalo Blue English, Sepedi, Tsonga 146×70
200 rand Leopard Orange English, Zulu, Sotho 152×70

Exchange rate

See also

  • Financial rand
  • Witwatersrand
  • Krugerrand
  • Coins of the South African rand
  • South African pound
  • Economy of South Africa

Note

  1. ↑ From Zuid-Afrikaanse rand ("South African rand"); the ZA is a historical relic from Dutch, used because "SA" is allocated to Saudi Arabia.

References

  1. ↑ "Summary of Acts Related to Decimal Comma". https://www.sahpra.org.za/wp-content/uploads/2020/01/2.38_SI_Metric_System_Mar19_v3.pdf. 
  2. ↑ "From Van Riebeeck to Madiba". News24. 2012-09-12. http://www.news24.com/archives/witness/from-van-riebeeck-to-madiba-20150430. 
  3. ↑ "The Reserve Bank and the Rand: Some historic reflections". Resbank.co.za. 29 November 2001. http://www.resbank.co.za/Publications/Speeches/Detail-Item-View/Pages/default.aspx?sarbweb=3b6aa07d-92ab-441f-b7bf-bb7dfb1bedb4&sarblist=a01d874c-c3f6-4b93-a9dc-c984cf8652cf&sarbitem=200. 
  4. ↑ A General's Story: from an Era of War and Peace , Jannie Geldenhuys, Jonathan Ball, 1995, page 32
  5. ↑ "'Decimal Dan' Sings: Catchy Tune Teaches New Currency". The Spokesman-Review. 10 January 1961. https://news.google.com/newspapers?id=0jJWAAAAIBAJ&pg=7142%2C3054777. 
  6. ↑ Video on YouTube
  7. ↑ Elwyn Jenkins (2007). Falling Into Place: The Story of Modern South African Place Names. New Africa Books. pp. 23–. ISBN 978-0-86486-689-9. https://books.google.com/books?id=RZnXHoMQ_hkC&pg=PA23. 
  8. ↑ "Exchange Rates Between the UniteDDV South African rand". Measuring Worth. http://www.measuringworth.com/datasets/exchangeglobal. 
  9. ↑ "U.S. Dollar to South African Rand Spot Exchange Rates for 1975 to 2020 from the Bank of England" (in en-gb). https://www.poundsterlinglive.com/bank-of-england-spot/historical-spot-exchange-rates/usd/USD-to-ZAR. 
  10. ↑ "Nelson Mandela banknotes issued in South Africa" (in en-GB). BBC News. 2012-11-06. https://www.bbc.com/news/world-africa-20218074. 
  11. ↑ "Rand vs the dollar in 2013". 2 January 2014. https://businesstech.co.za/news/general/51095/rand-vs-the-dollar-in-2013/. 
  12. ↑ "Rand vs the dollar in 2014". 17 December 2014. https://businesstech.co.za/news/general/76022/rand-vs-the-dollar-in-2014/. 
  13. ↑ 13.0 13.1 13.2 "A Rand value: 1994 – 2015". 12 March 2015. https://businesstech.co.za/news/general/82273/sa-rand-value-1994-2015/. 
  14. ↑ Paul Vecchiatto Michael Cohen (11 January 2016). "Zuma Begins Fightback as South Africa's Rand Gets Hammered". Bloomberg. https://www.bloomberg.com/news/articles/2016-01-11/zuma-begins-fightback-as-south-africa-s-rand-gets-hammered. 
  15. ↑ "Africa Hit by China's Woes". Wall Street Journal. 11 January 2016. https://www.wsj.com/articles/south-african-rand-falls-to-fresh-record-low-1452507129. 
  16. ↑ Candice Zachariahs (11 January 2016). "Why the rand will face more manic Mondays after plunging 9%". Fin24. http://www.fin24.com/Markets/Currencies/rand-faces-more-manic-mondays-as-japan-currency-romance-unwinds-20160111. 
  17. ↑ Candice Zachariahs (11 January 2016). "Rand sinks most in 7 years as traders fret over China, liquidity". Fin24. http://www.fin24.com/Markets/Currencies/rand-sinks-most-since-2008-as-traders-fret-over-china-liquidity-20160111. 
  18. ↑ "NOTICIAS - Prensa Latina". Prensa-latina.cu. http://www.prensa-latina.cu/index.php?option=com_content&task=view&id=4836251&Itemid=15. Retrieved 2022-03-16. 
  19. ↑ 19.0 19.1 "Rand slumps more than 8% against dollar | IOL". http://www.iol.co.za/business/markets/currencies/rand-slumps-more-than-8-against-dollar-2038150. 
  20. ↑ "Brexit vote shocker sends global markets into tailspin". http://www.cbc.ca/news/business/brexit-vote-business-impact-1.3650553. 
  21. ↑ Kuo, Lily (24 June 2016). "Brexit will be terrible for Africa's largest economies" (in en-US). http://qz.com/715710/brexit-could-be-terrible-for-africas-largest-economies/. 
  22. ↑ "South Africa's rand expected to stabilize for rest of year: Reuters poll". 6 April 2017. https://www.reuters.com/article/us-forex-poll-safrica/south-africas-rand-expected-to-stabilize-for-rest-of-year-reuters-poll-idUSKBN1781MA. 
  23. ↑ "South African rand continues to fall after Zuma vote". 9 August 2017. https://www.ft.com/content/9e9437ba-ee64-3589-8cb7-5c81b773a061. 
  24. ↑ "Goldman Sees Eskom as Biggest Risk to South African Economy". 22 September 2017. https://www.bloomberg.com/news/articles/2017-09-22/goldman-sachs-sees-eskom-as-biggest-risk-to-s-african-economy. 
  25. ↑ "South Africa's rand recovers after hitting 6-month low". 9 October 2017. https://www.reuters.com/article/safrica-markets/south-africas-rand-recovers-after-hitting-6-month-low-idUSL8N1ML0ZI. 
  26. ↑ "South African rand continues to fall after Zuma vote". 13 November 2017. https://www.ft.com/content/b0d5c58c-c87f-11e7-ab18-7a9fb7d6163e. 
  27. ↑ "Rand nears weakest point in two years as load shedding continues". The Citizen. 25 October 2022. https://www.citizen.co.za/business/rand-dollar-load-shedding-october-2022/. 
  28. ↑ "One Cent (1c)". South African Mint. http://www.samint.co.za/1c.aspx. 
  29. ↑ "Two Cent (2c)". South African Mint. http://www.samint.co.za/2c.aspx. 
  30. ↑ "5 cent coin to be discontinued". South African Government Information. 2011-11-24. http://www.timeslive.co.za/politics/2011/11/24/5c-coin-to-be-discontinued. 
  31. ↑ "South African currency". South African Reserve Bank. http://www.resbank.co.za/BanknotesandCoin/SouthAfricanCurrency/Pages/South%20African%20currency.aspx. 
  32. ↑ "South Africa's new R5 coin". SouthAfrica.info. 28 July 2004. http://www.southafrica.info/services/consumer/fiverandcoin.htm. 
  33. ↑ 33.0 33.1 "The South African Reserve Bank (SARB) released the upgraded Mandela banknotes and fourth decimal coin series on 3 May 2023.". South African Reserve Bank. 3 May 2023. https://www.resbank.co.za/en/home/what-we-do/banknotes-and-coin. 
  34. ↑ "Coins". South African Reserve Bank. 3 May 2023. https://www.resbank.co.za/en/home/what-we-do/banknotes-and-coin/Coins. 
  35. ↑ "So whose face was on old SA money?". 8 January 2015. http://www.iol.co.za/business/news/so-whose-face-was-on-old-sa-money-1.1802578#.VaP2wahVhBc. 
  36. ↑ "Portrait of a Man, thought to be Bartholomeus Vermuyden (1616/17-1650), Dirck Craey, 1650". https://www.rijksmuseum.nl/en/collection/SK-A-808. 
  37. ↑ "Statement issued by the SARB Governor, Ms G Marcus on counterfeit notes in circulation". South African Reserve Bank. 21 April 2010. http://www.reservebank.co.za/internet/publication.nsf/WhatsNew/17008C92436B903E4225770C004F3D00?opendocument. 
  38. ↑ "South Africa faulty 100-rand notes reported | Africa". BanknoteNews.com. 2010-12-05. http://banknotenews.com/files/b913dba05a4507cffab96b420ee2c3e2-1361.php. 
  39. ↑ "South Africa shreds 3.6 million defective 100-rand notes | Africa". BanknoteNews.com. 2012-05-20. http://banknotenews.com/files/f3856fcaa94243e2d18998dd999f8663-2105.php. 
  40. ↑ "Nelson Mandela banknotes to be issued by South Africa". BBC. 11 February 2012. https://www.bbc.com/news/world-africa-16996809. 
  41. ↑ "Announcement of the Introduction of a New Note Series". Resbank.co.za. http://www.resbank.co.za/Publications/Detail-Item-View/Pages/Publications.aspx?sarbweb=3b6aa07d-92ab-441f-b7bf-bb7dfb1bedb4&sarblist=21b5222e-7125-4e55-bb65-56fd3333371e&sarbitem=4955. 
  42. ↑ "Nelson Mandela banknotes issued in South Africa". BBC News. 6 November 2012. https://www.bbc.co.uk/news/world-africa-20218074. 
  43. ↑ "South Africa new banknotes with Omron rings reported". BankNote News. 6 November 2013. http://www.banknotenews.com/files/76e517995e840730198f99a74e434796-2785.php. 
  44. ↑ "New bank notes to honour Nelson Mandela's centenary". BusinessTech. 11 February 2018. https://businesstech.co.za/news/government/224593/new-bank-notes-to-honour-nelson-mandelas-centenary. 
  45. ↑ "This is what South Africa's new Mandela bank notes look like". BusinessTech. 13 June 2018. https://businesstech.co.za/news/finance/250623/this-is-what-south-africas-new-mandela-bank-notes-look-like. 
  46. ↑ "PICS: New Nelson Mandela banknotes launched". IOL. 13 July 2018. https://www.iol.co.za/pretoria-news/pics-new-nelson-mandela-banknotes-launched-15995268. 
  47. ↑ "#Madiba100 commemorative notes and coin have a new look and feel". IOL. 14 July 2018. https://www.iol.co.za/pretoria-news/news/madiba100-commemorative-notes-and-coin-have-a-new-look-and-feel-16013278. 
  48. ↑ 48.0 48.1 48.2 48.3 48.4 48.5 Wirz, Heinz. Dr Heinz Wirz on the Bank Notes of South Africa. Volume II - The South African rand (7th ed.).
  49. ↑ "My Currency Collection: South Africa Currency 1 Rand banknote 1965 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-1-rand-banknote-1965-jan-van-riebeeck.html. 
  50. ↑ "My Currency Collection: South African Currency 2 Rand banknote 1965 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-2-rand-banknote-1965-jan-van-riebeeck.html. 
  51. ↑ "My Currency Collection: South Africa Currency 10 Rand banknote 1961 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-10-rand-banknote-1961-jan-van-riebeeck.html. 
  52. ↑ "My Currency Collection: South African Currency 20 Rand banknote 1962 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-20-rand-banknote-1962-jan-van-riebeeck.html. 
  53. ↑ "My Currency Collection: South Africa Currency 1 Rand banknote 1967 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-1-rand-banknote-1967-jan-van-riebeeck.html. 
  54. ↑ "My Currency Collection: South African Currency 5 Rand banknote 1967 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-5-rand-banknote-1967-jan-van-riebeeck.html. 
  55. ↑ "My Currency Collection: South Africa Currency 10 Rand banknote 1967 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-10-rand-banknote-1967-jan-van-riebeeck.html. 
  56. ↑ "My Currency Collection: South African Currency 2 Rand banknote 1978 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-2-rand-banknote-1978-jan-van-riebeeck.html. 
  57. ↑ "My Currency Collection: South Africa Currency 5 Rand banknote 1978 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-5-rand-banknote-1978-jan-van-riebeeck.html. 
  58. ↑ "My Currency Collection: South African Currency 10 Rand banknote 1978 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-10-rand-banknote-1978-jan-van-riebeeck.html. 
  59. ↑ "My Currency Collection: South Africa Currency 20 Rand banknote 1990 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-20-rand-banknote-1990-jan-van-riebeeck.html. 
  60. ↑ "My Currency Collection: South African Currency 50 Rand banknote 1984 Jan van Riebeeck". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-50-rand-banknote-1984-jan-van-riebeeck.html. 
  61. ↑ "Banknotes". Where's My Moola. http://www.wheresmymoola.co.za/south-african-money/banknotes.html. 
  62. ↑ "My Currency Collection: South Africa Currency 10 Rand banknote 1999 White Rhinoceros". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-10-rand-banknote-1999-white-rhinoceros.html. 
  63. ↑ "My Currency Collection: South African Currency 20 Rand banknote 1993 African Savanna Elephant". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-20-rand-banknote-1993-african-savanna-elephant.html. 
  64. ↑ "My Currency Collection: South Africa Currency 50 Rand banknote 1992 Transvaal Lion". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-50-rand-banknote-1992-transvaal-lion.html. 
  65. ↑ "My Currency Collection: South African Currency 100 Rand banknote 1999 Cape Buffalo". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-100-rand-banknote-1999-cape-buffalo.html. 
  66. ↑ "My Currency Collection: South Africa Currency 200 Rand banknote 1994 African leopard". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-200-rand-banknote-1994-african-leopard.html. 
  67. ↑ "My Currency Collection: South African Currency 10 Rand banknote 2005 White Rhino". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-10-rand-banknote-2005-white-rhino.html. 
  68. ↑ "My Currency Collection: South Africa Currency 20 Rand banknote 2005 African Bush Elephant". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-20-rand-banknote-2005-african-bush-elephant.html. 
  69. ↑ "My Currency Collection: South African Currency 50 Rand banknote 2005 Transvaal Lion". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-50-rand-banknote-2005-transvaal-lion.html. 
  70. ↑ "My Currency Collection: South Africa Currency 100 Rand banknote 2005 African Buffalo". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-100-rand-banknote-2005-african-buffalo.html. 
  71. ↑ "My Currency Collection: South African Currency 200 Rand banknote 2005 African Leopard". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-200-rand-banknote-2005-african-leopard.html. 
  72. ↑ "My Currency Collection: South Africa Currency 10 Rand banknote 2012 President Nelson Mandela". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-10-rand-banknote-2012-president-nelson-mandela.html. 
  73. ↑ "My Currency Collection: South African Currency 20 Rand banknote 2012 President Nelson Mandela". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-20-rand-banknote-2012-president-nelson-mandela.html. 
  74. ↑ "My Currency Collection: South Africa Currency 50 Rand banknote 2012 President Nelson Mandela". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-50-rand-banknote-2012-president-nelson-mandela.html. 
  75. ↑ "My Currency Collection: South African Currency 100 Rand banknote 2012 President Nelson Mandela". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-100-rand-banknote-2012-president-nelson-mandela.html. 
  76. ↑ "My Currency Collection: South Africa Currency 200 Rand banknote 2013 President Nelson Mandela". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-200-rand-banknote-2013-president-nelson-mandela.html. 
  77. ↑ "My Currency Collection: South African Currency 10 Rand Commemorative banknote 2018 Nelson Mandela Centenary". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-10-rand-commemorative-banknote-2018-nelson-mandela-centenary.html. 
  78. ↑ "My Currency Collection: South Africa Currency 20 Rand Commemorative banknote 2018 Nelson Mandela Centenary". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-20-rand-commemorative-banknote-2018-nelson-mandela-centenary.html. 
  79. ↑ "My Currency Collection: South African Currency 50 Rand Commemorative banknote 2018 Nelson Mandela Centenary". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-50-rand-commemorative-banknote-2018-nelson-mandela-centenary.html. 
  80. ↑ "My Currency Collection: South Africa Currency 100 Rand Commemorative banknote 2018 Nelson Mandela Centenary". https://moneycurrencypictures.blogspot.com/2019/02/south-africa-currency-100-rand-commemorative-banknote-2018-nelson-mandela-centenary.html. 
  81. ↑ "My Currency Collection: South African Currency 200 Rand Commemorative banknote 2018 Nelson Mandela Centenary". https://moneycurrencypictures.blogspot.com/2019/02/south-african-currency-200-rand-commemorative-banknote-2018-nelson-mandela-centenary.html. 
  82. ↑ Banknotes. https://www.resbank.co.za/en/home/what-we-do/banknotes-and-coin/Banknotes. 

Further reading

External links



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