Mbalo Brief – March 2021

On 14 February 2021, the rand was turning 60 years. The rand was first introduced as a South African currency on 14 February 1961, the year South Africa became a republic and Queen Elizabeth ceased to be head of state. The rand takes its name from the Witwatersrand – the ridge on which Johannesburg is built and where most of South Africa’s gold deposits were found. When the rand was introduced as a South African currency, it replaced the pound. The South African rand is legal tender (coins or banknotes that must be accepted if offered in payment of a debt) in the Common Monetary Area, which includes eSwatini, Lesotho and Namibia.

Download Mbalo Brief March 2021