DEFINITION of 'ZAR (South African Rand)'

The currency abbreviation for the South African rand (ZAR), the currency for South Africa. The South African rand is made up of 100 cents and is often presented with the symbol R. The rand comes from the word "Witwatersrand" which means "white waters ridge". Johannesburg, the location of the majority of South Africa's gold deposits, is located on this ridge.

BREAKING DOWN 'ZAR (South African Rand)'

The South African rand was first introduced at the same time as the Republic of South Africa was established. The rand replaced the South African pound at a rate of 2 rand to 1 pound.

From introduction until 1982, the rand was actually more valuable than the U.S. dollar, after which political pressure and sanctions caused the currency to lose value.

RELATED TERMS
  1. South African Reserve Bank

    The South African Reserve Bank is the reserve bank of the Republic ...
  2. NAD (Namibian Dollar)

    The currency abbreviation for the Namibian dollar (NAD), the ...
  3. BWP (Botswana Pula)

    The currency abbreviation for the Botswana pula (BWP), the currency ...
  4. Central African CFA Franc - XAF

    The currency of six independent states in central Africa. The ...
  5. African Development Bank - ADB

    A financial institution comprising 53 African and 24 non-African ...
  6. West African CFA Franc - XOF

    The currency of eight independent states in West Africa. The ...
Related Articles
  1. Trading

    The New World Of Emerging Market Currencies

    Take advantage of foreign currency markets without stepping out of your house.
  2. Investing

    African Equities vs. Bonds: Risks and Rewards

    A look at the risks and rewards of exposure to African equities vs. bonds.
  3. Investing

    4 African ETFs Traded in the U.S.

    African markets have become more interesting for private and institutional investors. ETFs with exposure to Africa are an interesting investment option.
  4. Investing

    Forex Investing: How To Capture Commodity Fluctuations

    For individual or retail investors looking to gain exposure to hot commodity trends, the foreign exchange markets provide the answer.
  5. Insights

    Protest Divestment And The End Of Apartheid

    Can selling stock really change the world? If you sell enough of it, it can.
  6. Investing

    The 3 Reasons Why Chinese Invest in Africa

    Learn about the increasing level of foreign direct investment by China in Africa, and understand the major reasons for China's African investments.
  7. Investing

    African Sovereign Debt: Risks and Rewards

    African sovereign debt offers high yields and upside — if one has the stomach for the risk.
  8. Investing

    Interested In Investing In Africa? Here's How

    In 2000, Africa was labeled “The Hopeless Continent” by The Economist. In 2011, its cover read “Africa Rising.” What has changed for investors?
  9. Investing

    EZA: iShares MSCI South Africa ETF

    Learn more about the iShares MSCI South Africa fund, which is an NYSE-listed exchange-traded fund offered and managed by BlackRock.
  10. Financial Advisor

    4 ETF Strategies for Growth in Africa for 2016 (EZA,EGPT)

    Invest in the African region with these four methods that outline the ETFs on the market. Learn about ETFs for investing in individual African countries.
RELATED FAQS
  1. How does the balance of trade impact currency exchange rates?

    Find out how the balance of trade affects a country's exchange rates and how those exchange rates can, in turn, affect the ... Read Answer >>
  2. Is there any way to check the historical rates of different currencies?

    Yes, you can create a daily price chart of different currencies going back many years. Price charts can be found on the internet ... Read Answer >>
  3. Is South Korea a developed country?

    Understand the criteria for determining if a country is developed, and learn why South Korea ranks as a developed country ... Read Answer >>
  4. What does the grade of a gold mine refer to?

    Discover how gold mines are graded, how the World Gold Council defines a high-grade gold mine and where the highest graded ... Read Answer >>
Hot Definitions
  1. Graduate Record Examination - GRE

    A standardized exam used to measure one's aptitude for abstract thinking in the areas of analytical writing, mathematics ...
  2. Graduate Management Admission Test - GMAT

    A standardized test intended to measure a test taker's aptitude in mathematics and the English language. The GMAT is most ...
  3. Magna Cum Laude

    An academic level of distinction used by educational institutions to signify an academic degree which was received "with ...
  4. Cover Letter

    A written document submitted with a job application explaining the applicant's credentials and interest in the open position. ...
  5. 403(b) Plan

    A retirement plan for certain employees of public schools, tax-exempt organizations and certain ministers. Generally, retirement ...
  6. Master Of Business Administration - MBA

    A graduate degree achieved at a university or college that provides theoretical and practical training to help graduates ...
Trading Center