South Africa abolishes financial Rand

Updated: 30 Sep 2019

The financial Rand, used as a parallel currency to the commercial Rand, was abolished on 10 March 1995. The currency was introduced in the 1960’s and only widely used in the 1980’s and 1990’s. Created by the sale of nonresidents’ assets in the country, it was available only to foreigners and for investment in South Africa. The financial Rand usually stood at a discount to the commercial Rand. After it was abolished, effective on 13 March 1995, the newly unified currency traded well on international currency markets.

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How we know this

01Mongabay South Africa-Currency [online] Available at: www.mongabay.com [Accessed on 28 February 2013]
02Bronkhorst Q. A history of South Africa’s currency from Businesstech [online] Available at: https://businesstech.co.za [Accessed on 28 February 2013]

Last updated · 30 Sep 2019

Cite this entry

South African History Online. (2013, March 7). South Africa abolishes financial Rand. South African History Online. https://sahistory.org.za/ref/E-0095242

South African History Online (2013) 'South Africa abolishes financial Rand', South African History Online, 7 March. Available at: https://sahistory.org.za/ref/E-0095242 (Accessed: 1 October 2026).

South African History Online, South Africa abolishes financial Rand [website], https://sahistory.org.za/ref/E-0095242, (accessed 1 October 2026).

"South Africa abolishes financial Rand." South African History Online, 7 Mar. 2013, https://sahistory.org.za/ref/E-0095242. Accessed 1 Oct. 2026.

South African History Online. "South Africa abolishes financial Rand." South African History Online. March 7, 2013. https://sahistory.org.za/ref/E-0095242.