Detailed History of the South African Rand
The South African rand (sign: R; code: ZAR) is the currency of South Africa. The rand is subdivided into 100 cents (sign: “c”). The ISO 4217 code is ZAR, from Dutch Zuid-Afrikaanse Rand (South African rand). The rand is legal tender in the Common Monetary Area between South Africa, Swaziland, Lesotho, and Namibia, although the latter three countries do have their own currencies.
Historical users of the South African rand included South West Africa and the nominally independent Bantustans under the apartheid system: Bophuthatswana, Ciskei, Transkei and Venda.
How did the Currency came to be called Rand?
The rand takes its name from the Witwatersrand (literally “white waters’ ridge” in English), the ridge upon which Johannesburg is built and where most of South Africa’s gold deposits were found.
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