ZAR (South African Rand)

Posted in Finance, Accounting and Economics Terms, Total Reads: 411
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Definition: ZAR (South African Rand)

ZAR is the ISO 4217 code for the South African currency of Rand. ISO 4217 is a standard international code given to currencies around the world for easy identification and recording purposes. It offers two types of codes – a 3 letter alphanumeric code and a 3 digit number code. ZAR is the alphanumeric ISO 4217 code of the South African Rand currency.

 

Description:

South African Rand is the currency that is currently officially in use in South Africa, Swaziland, Lesotho and Namibia, and is denoted by the symbol ‘R’. The South African Reserve Bank issues the currency. A sub-unit of a South African Rand is called a “cent”.

 

1 ZAR = 100 cents

 

The currency is available in denominations of 10, 20, and 50 cents and R 1, R 2 and R 5 for coins, and R 10, R 20, R 50, R 100, and R 200 for notes.

 

Exchange Rate:

ZAR was introduced in the year 1961 and one ZAR was worth USD 1.40 around that time. However with time, ZAR depreciated and lost value. As of October 2014,

 

1 USD = Approximately 10.932 ZAR

 

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