Currency Exchange Rates for South African Rand? Convert GBP to ZAR at rate. See money transfer for South Africa and historical to restrictions.
Comparing GBP and ZAR
First of all, we have to talk about the ZAR. ZAR is the official currency used in South Africa and its Official name is South African Rand. The South African Reserve Bank is the central bank in this country and it has to take care of all the money in the country and the exchange. This year, South Africa registered an inflation rate of 5%, but last year it was over 6% accord to the central bank numbers.
The ZAR is currently used in Swaziland and Lesotho, it is also accepted in Namibia. This is important because it makes the South African Rand a currency that can be used in some countries in Africa with no problem, making easier the exchanges and investments.
Exchanging ZAR to GBP. How much does it cost?
To convert GBP to ZAR the current price is this: 1 GBP =17.0218ZAR. If you're asking yourself what it means, it means that per 1 GBP pounds you will have 17.0218ZAR. It is really important if you need to travel or make investments in this country. Also, this will help you to evaluate whether or not it is a good idea to invest in a foreign country or currency.
South African Rand Stability and extra information
The South African shilling sign is R and international designation is ZAR. The latter being used for transactions and operations. ZAR is not stable by now. One of the causes is because of South Africa's history, the currency suffered a lot of undervalued times. Also, nowadays and from the last year, the ZAR has been falling around -0.22% per week if you compare it with US dollar. Another important information, the ZAR felt down respect to the Dollar around 6.03% last year. So this is not a currency which will be growing up so soon.
The main currencies used, besides the ZAR, are the US dollar and the Lesotho and Namibia's currencies. This happens because these countries are so close to South Africa and it is very common using them. It is really important to know this if you need to travel or visit Lesotho and Namibia, so you can use South African Rand so easily to buy and make deals.
Currency Information on South African Rand - ZAR— South African rand – R
Coins are available in denominations of 10, 20 and 50 cants, as well as 1, 2 and 5 rand. Banknotes circulate in denominations of 10, 20, 50, 100 and 200 rand.
One South African Rand subdivides into 100 cents; the Rand is legal tender in Namibia, even though they withdrew from the Common Monetary Area between Swaziland, South Africa and Lesotho.
The rand historically was in use in South West Africa, as well as Venda, Bophuthatswana, Transkei and Ciskei, independent states under apartheid rule.
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