South African Rand


  • Convertible: Yes
  • Transferable: Yes
  • Exchange rate regime: Floating

Available Currency Pairs

Transaction Types

Delivery date: T+1; T+2
Liquidity: high
Maximum maturity: 24 months
Liquidity: high

Did You Know?


Monetary policy

  • The South African Reserve Bank (SARB) is the central bank of South Africa. Its objective is to maintain price stability. Its annual Consumer Price Index is established in the range between 3% and 6%.
  • Price setting method: the floating exchange rate is described as “supervised”. The SARB, therefore, reserves the right to intervene on the spot market to influence the value of the ZAR, mainly against the USD.

Features and highlights

  • The only freely convertible and transferable currency in the entire African continent, the rand is also one of the most liquid emerging currencies in the world.
  • The high volatility of the ZAR can be partly explained by many uncertainties that weigh on the country, such as political instability, the strong correlation with the price of specific raw materials, as well as problems related to employment and energy.

Expert opinion

  • The ZAR tends to appreciate in the event of rising commodity prices, and gold in particular as South Africa is a major producer of the metal.
  • In contrast, the ZAR tends to depreciate in times of market stress as it is considered a risky asset in comparison with other currencies.


There are no particular restrictions on the purchase and sale of ZAR.

Important Information

Payments in ZAR to South Africa

The following information is required:

  • BIC Code of the beneficiary bank
  • Full name, address and account number of the beneficiary.

Keep In Mind


New Year's Day 1 Jan
Good Friday 30 Mrt
Freedom Day 27 Apr
Youth Day 15 Jun
Heritage Day 24 Sep
Christmas 25 Dec
Human Rights Day 21 Mrt
Easter Monday (Family Day) 2 Apr
Labour Day 1 Mei
National Women’s Day 9 Aug
Reconciliation Day 16 Dec
Goodwill Day 26 Dec

When a holiday falls on a weekend, the next business day becomes a holiday

Currency Reference Guide

Get the full currency reference guide, updated by the iBanFirst currency market experts

Reference guide
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