Financial rand
Encyclopedia
The South Africa
n financial rand system was abolished with effect from 13 March 1995. The financial rand system was instituted on 1 September 1985 in an attempt to control the large outflows of capital from South Africa at that time. These outflows were largely the result of economic sanctions in response to apartheid. The financial rand system provided for two exchange rates for the rand
, one for current account transactions, and one for capital account transactions for non-residents. Investments made in South Africa by non-residents could only be sold for financial rand, and limitations were placed on the convertibility of financial rand into foreign currencies. Financial rand had the ISO 4217 currency code
ZAL. The financial had a previous life, from January 1979 to February 1983. The 1985 crisis coincided with a default (then called a "standstill") on foreign debt by the apartheid government.
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
n financial rand system was abolished with effect from 13 March 1995. The financial rand system was instituted on 1 September 1985 in an attempt to control the large outflows of capital from South Africa at that time. These outflows were largely the result of economic sanctions in response to apartheid. The financial rand system provided for two exchange rates for the rand
South African rand
The rand is the currency of South Africa. It takes its name from the Witwatersrand , the ridge upon which Johannesburg is built and where most of South Africa's gold deposits were found. The rand has the symbol "R" and is subdivided into 100 cents, symbol "c"...
, one for current account transactions, and one for capital account transactions for non-residents. Investments made in South Africa by non-residents could only be sold for financial rand, and limitations were placed on the convertibility of financial rand into foreign currencies. Financial rand had the ISO 4217 currency code
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
ZAL. The financial had a previous life, from January 1979 to February 1983. The 1985 crisis coincided with a default (then called a "standstill") on foreign debt by the apartheid government.