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ZAR is the three-character currency abbreviation for the South African Rand based on the ISO-4217 standard codes. ZAR is the official currency of the Republic of South Africa. The common usage symbol for the ZAR is R. The South African Reserve Bank is the government institution that issues the ZAR. The ZAR divides into smaller units known as cents. Each ZAR equals 100 cents. The ZAR is considered an important currency but is not actively traded in the international currency markets. The value of the ZAR against other currencies “floats” and is determined by its trading and exchange in the currency markets. That is, market forces determine the value of the ZAR. The approximate conversion value (in late 2005) for the ZAR in US dollars is ZAR 6.00+ to USD 1. |
