Our money valentine: The Rand (ZAR) turns 60
As the South African Rand (ZAR) reaches the end of its sixth decade this weekend as the legal tender here in South Africa, we spoke to people about the currency.
LOVE it or loathe it, money makes the world go round.
This year, Valentine’s Day marks a special milestone for South Africans. On Sunday, 14 February, the South African Rand (ZAR) turns 60 years old.
ALSO READ: Make the most of your finances all year long
On 14 February 2021, our currency, the rand turns 60, officially making it a pensioner. As part of the celebration, we will be taking you through a timeline of currency in South Africa to commemorate this milestone #RandBecomesAPensioner pic.twitter.com/x17mx2rtbI
— SA Reserve Bank (@SAReserveBank) February 8, 2021
ALSO READ: What you need to know: Sassa grant renewals and payment dates
History
In the same year as South Africa became a republic after a whites-only referendum on leaving the commonwealth of nations, the South African Rand was introduced on Tuesday, 14 February, 1961.
Previously South Africa had used the British Pound Sterling and along with all the imperial terms related to that currency including the terms, shillings, pence and the face of Queen Elizabeth II or her father, King George. This followed a commission established in 1956 to help decide on the way forward for South African’s national banknotes and coins.
On the day the Rand was officially named as legal tender in South Africa the currency conversion was R2 = 1 Pound 10 shillings. Early on in the 1980s the value of the currency started to erode mostly attributed to mounting international pressure and sanctions against the country because of its apartheid policies.
In July 1985, all foreign exchange transactions were suspended for three days to try to stop the devaluation.
ALSO READ: 5 days left: Extended e-filing deadline ends on Monday
Caxton Local Media Covid-19 reporting
