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The cookie is used to store the user consent for the cookies in the category "Analytics". The cookies is used to store the user consent for the cookies in the category "Necessary". In recent years, the rand is somewhat correlated with gold prices as the South African economy still relies on its gold exports.
South Africa also exports other commodities, including palladium and iron ore , to predominately China, Europe, and the United States. However, major world developments have also determined ZAR's price trajectory. The September 11 attacks in created global uncertainty, and the rand took a steep dive, falling to R13 per U. After the currency steadied for several years, the rand was one of many emerging market currencies that got hit during the financial crisis.
Emerging market currencies suffered as investors flocked to safe-haven currencies such as the U. As of Aug. Three countries that peg their currency with the rand are Eswatini, Lesotho, and Namibia. While the coins have legal tender status in South Africa, Krugerrands don't have an assigned rand value. Krugerrands derive their value from the gold contained within. If the price of gold fluctuates, so does the value of Krugerrands.
The Heritage Portal ZA. Department of State Archive. South African Bank Reserve. South African Reserve Bank. International Monetary Fund.
Accessed Aug. The Kingdom of Eswatini. Central Bank of Lesotho. Central Bank of Eswatini. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page.
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Popular Courses. Table of Contents Expand. Understanding the South African Rand. The South African Reserve Bank. The Rand Monetary Area. The Rand's Fluctuating Fortunes. The rand was introduced in February and mostly held a steady peg against the US dollar until the end of apartheid.
Since then, its value has depreciated as the South African economy has become increasingly linked to the rest of the world. Several countries in the region peg their national currencies to the rand. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts.
We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation.
This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Related Terms What Are Krugerrands? Krugerrands are South African gold coins that were minted in and remain popular among gold investors today. Swaziland is now known as Eswatini. Its currency code is BWP.
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