[Bus Insider SA] Since the rand was launched sixty years ago, inflation has been sapping its buying power at a rate of 8% a year.The rand was first introduced as a currency in South Africa on 14 February 1961, the year that the country became a republic and Queen Elizabeth ceased to be head of state.
British-styled currency (pounds, shillings and pence) were replaced by rands and cents at an exchange rate of approximately two rand for every one pound. (It’s currently R20 a pound.)