Which currency was introduced in South Africa in 1961?

The South African rand was introduced in South Africa in 1961. It replaced the South African pound when the country changed from the British-style pounds, shillings, and pence system to decimal currency.

The rand was launched on 14 February 1961, shortly before South Africa became a republic. Its name comes from the Witwatersrand, the ridge associated with Johannesburg and the region’s historic gold-mining industry. The abbreviation “R” is used for amounts, while the ISO code is ZAR.

The rand also circulated in the Common Monetary Area with Lesotho, Eswatini, and Namibia at different times. Lesotho and Eswatini issue national currencies linked to the rand, while Namibia replaced the rand with the Namibian dollar in 1993. The rand remains South Africa’s official currency.