South African Rand (ZAR)

The rand takes its name from the Witwatersrand, the ridge near Johannesburg where most of South Africa's gold was found. It replaced the South African pound in 1961. Under the Common Monetary Area, the currencies of Lesotho, Eswatini, and Namibia are pegged one-to-one to the rand, and the rand is accepted in those countries too.

The rand is one of the most liquid emerging-market currencies and is traded well beyond Africa, which also makes it prone to sharp swings when global investors become more or less willing to take on risk. Mining exports, especially gold and platinum group metals, have long shaped its value.