Glossary: rand (R)
DEFINITION:
Unit of currency. A decimal currency of 100 cents, the rand replaced the South African pound in 1961. The official exchange rate of the rand against the United States dollar was R1=US$1.40 until December 1971, and from September 1975 to January 1979, R1=US$1.15. From 1972 to 1975, and after 1979, the government allowed market forces to determine the value of the rand. The exchange rate averaged R3.55=US$1 in 1994 and R3.64=US$1 in 1995. On April 30, 1996, R4.34=US$1; conversely, R1= US$.23. Financial rands were issued only to foreign buyers for capital investment inside South Africa. They were available periodically until 1983 and again in September 1985, but were abolished in March 1995.