THE SOUTH AFRICAN RAND TURNS 60
The South African rand is now officially 60 years old. In 1961 the then government introduced the new currency on the 14th of February.
The Royal Mint changed its name to the South African Mint and started producing the South African rand and cents. Before that, the currency used in the country was the British pounds, schilling and cents.
While the rand has been extremely volatile over the years, it’s still a front runner among other developing countries.
eNCA reports that if you bought goods or services for the total amount of R100 back in 1961, that same goods or services would cost you a staggering R9,700 today. That’s an increase of almost 97 times over the past 60 years.
Back then you would have paid 19c for a packet of cigarettes that sells for R43.14 today, and 10c for a loaf of bread which costs R15 today.
When the rand made its debut, you would have had to fork out 17c for one US dollar. Today you will have to pay R14.55 for one dollar.
Watch the eNCA video below for more interesting facts about the South African currency and its path on becoming a pensioner.
Image credit: Business Recorder