The South African rand (ZAR) is the official currency of South Africa, a country located in southern Africa. The South African Reserve Bank is responsible for issuing and regulating the currency. The rand is divided into 100 cents. Banknotes are issued in denominations of 10, 20, 50, 100, and 200 rand. Coins are denominated in denominations of 1, 2, 5, 10, 20, and 50 cents, as well as 1 and 2 rand coins.The South African rand is considered a "free-floating" currency, meaning that its exchange rate is determined by supply and demand in the foreign exchange market. Over the years, the value of the rand has fluctuated significantly, primarily due to political and economic instability in the country, as well as global economic conditions. The rand is also affected by the country's large current account deficit, high levels of debt, and relatively high levels of inflation.The rand is the most traded currency in Africa, and it is also used as a trading currency in other African countries. The rand is also used as a reserve currency by some central banks around the world.
