Which currency became South Africa’s official money in 1961 when the country became a republic?

The South African rand became South Africa’s official currency in 1961 when the country became a republic.

The rand replaced the South African pound at a rate of two rand for one pound. Its name comes from the Witwatersrand, the ridge associated with the goldfields around Johannesburg. The rand is divided into 100 cents.

The South African Reserve Bank issues rand banknotes and coins. The currency is also legal tender in the Common Monetary Area, which links South Africa with Lesotho, Namibia and Eswatini, although those countries issue their own currencies as well.

The rand is not the same as the Namibian dollar, even though the two currencies are maintained at a one-to-one exchange relationship in Namibia. The rand’s ISO code is ZAR, reflecting the Dutch-derived name Zuid-Afrikaanse rand.