The lowdown on the South African Rand
Economical Influences and the South African Rand
If you are considering converting AUD to ZAR, it’s good to get a snapshot on how the economy may influence the South African exchange rate.
South Africa has one of the largest stock exchanges in the world, and the strongest within Africa1 With an abundant supply of natural resources and well-developed industries, South Africa’s economy has been growing steadily, only decelerating slightly in recent years.1
South African economic policy focuses on controlling inflation and helps to stabilise the fluctuation of the rand.1 South Africa has a middle-income economy that is the second largest in Africa, second only to Nigeria.1
South African Rand Historical Exchange Rate
The South African rand has been known to be quite volatile 1.
During the last two to three years; in December 2014 the AUD was trading at 1 Australian dollar to 9.21543 ZAR, by February of 2015 the rand had strengthened to 1 AUD to 8.83128 ZAR.2
A little over a year later in March 2016, the value of the ZAR had plummeted to 11.91066 per 1 AUD. By March 2017, 1 AUD was buying 9.48213 ZAR, fluctuating to 11.01342 in November of the same year. 2
Having stabilised somewhat during 2018, 1 AUD was trading at 9.03398 in March and as of 25 September 2018 is trading at 10.39319 ZAR. 2
Learn more about the South African rand before you travel to South Africa and create a currency rate alert so we can notify you when it hits the rate you want.
1. Central Intelligence Agency - https://www.cia.gov/library/publications/the-world-factbook/geos/sf.html
2. XE- https://www.xe.com/currencycharts/?from=AUD&to=ZAR&view=5Y. Based on mid-market rates as of 25 September 2018.
*The information contained in this article has been compiled by Travelex from different external sources. The figures provided are indicative only and are there to provide an idea of the amount of travel money you may need during your trip. Travelex does not ensure the accuracy and completeness of the information shown. Nothing in this article is to be considered financial advice. Travelex Limited does not accept any liability for any loss or damage derived from any reliance on the information in this article. Travelex Limited (ABN 36 004 179 953, AFSL Number 222444) arranges for and sells Online Foreign Currency via its Online Ordering Facility. You should consider the Online Foreign Currency Product Disclosure Statement and Terms and Conditions before deciding whether to acquire the product.