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LOCAL CURRENCY IN SOUTH AFRICA

Want to know the local currency in South Africa? The currency used in South Africa is called Rand.

The South African Rand is issued and managed by the South African Reserve Bank. To find out the current currency exchange rates for Rand to other major currencies of the world, click on foreign currency rates.

South African Currency Information
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The currency used in South Africa is called as the Rand. This currency is denoted with the currency sign R and the ISO 4217 Code for the South African Rand is ZAR. The Rand, is the official currency of the South Africa . It is divided into 100 smaller units called Cent.

The constitution of South Africa provides that the South Africa government shall have the power to print the South African Rand and Cent coins to be used as a legal tender in South Africa. The South African Rand bank notes and Cent coins are both designated as "legal tender" in payment of debts.

The South African Rand bill uses the decimal system, consisting of 100 equal units.

The symbol R, usually written before the numerical amount, is used for the South African Rand.

Currently printed bank notes denominations are R 10, R 20, R 50, R 100, R 200 and the coins are minted in the denominations of 5c, 10c, 20c, 50c, R 1, R 2, R 5 .

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The Effect of Balance of Trade and Investment on the Value of South African Rand
Financial analysts regularly cite the balance of trade and investment in South Africa as the most important influence on the value of the Rand. The difference between what the South Africa exports and imports in terms of goods and services to and from other countries can be obtained from a balance of trade statement.

The balance of investment on the other hand represents the difference in exports and imports of capital. If exports from Rand exceed imports from other countries, in either the balance of trade or balance of investments, it is called a surplus. The term deficit is used when the imports into Rand exceed exports to other countries. The points below go into detail to explain on how the balance of trade and balance of investments affect the South African Rand.
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