The currency of South Africa is the Rand, which is divided into 100 cents. The Rand was introduced in 1961 after the country became a republic. Before that, the currency was known as the pound.
The currency is also used in Namibia, Lesotho and Eswatini where there is a form of Monetary Union. The Rand can be used interchangeably locally therefore with the Namibian Dollar, the Lesotho Loti and the Swazi Lilangeni.
The rand takes its name from the Witwatersrand (‘white waters ridge’), a range of hills in Gauteng province that contains most of South Africa’s gold reserves.
The South African Rand is a volatile currency and its value has been known to fluctuate rapidly. In recent years, the currency has been relatively stable against major currencies such as the US dollar and the Euro.
The South African Rand is a freely convertible currency and there are no restrictions on its purchase or sale.