Hip hip hooray! SA rand turns 60
The rand replaced the South African pound as the official currency in 1961 and has had a volatile transition for the past six decades.
JOHANNESBURG – While many couples would celebrate Valentine’s Day on Sunday, some South Africans may have a different take on the day.
The 14th of February 2021 marks the 60th anniversary of the introduction of the rand as the country’s official currency.
The rand replaced the South African pound in 1961 and has had a volatile transition for the past six decades.
Statistics South Africa’s Patrick Kelly explains: "Essentially, if you had R100 in 1961 and you bought a set of goods and services, today you would be paying R9,700 for the same items. So, that's an increase of almost 97 times by that amount over the last 60 years."
Kelly said to all the couples celebrating Valentine’s Day, may your love have the longevity of the rand – just keep it stronger.