The Rand is the currency of
South Africa. 1 Rand (R) is divided into 100 cents. Against the
US Dollar, the Rand looks like this:
August 2002 10.24
July 2002 10.37
June 2002 9.81
May 2002 10.62
April 2002 11.28
March 2002 11.42
Febrary 2002 11.67
January 2002 12.15
December 2001 10.27
November 2001 9.44
October 2001 9.17
September 2001 8.43
August 2001 8.29
July 2001 8.01
The interest rate on Rand deposits is calculated from the repo rate of the South African Reserve Bank. The bank has a floating interest rate, targeting inflation to be 3-6% in 2002-2003 and 3-5% in 2004-2005. It manages monetary policy through open market operations. The bank has no exchange rate policy, and is content to let the Rand float. SARB manages South Africa's gold and FX reserves. It was established on 10th August, 1920 after the monetary and financial problems resulting from the First World War.
For any Rand related queries, contact SARB:
Physical address : 370 Church Street, Pretoria 0001
Postal address : P.O. Box 427, Pretoria, 0001
Telephone number : +27 12 313-3911
Fax number : +27 12 313-3197 or +27 12 313-3929