South African rand him has been erected (50-Rand); the place of Mandela's 27-year imprisonment at Robben Island, showing a pile of quarried limestone (100-Rand); the statue of Mandela at the Union Buildings in remembrance of when he was inaugurated there in 1994 (200-Rand). South African rand The rand (sign: R; code: ZAR) is the currency of South Africa. The Rand is subdivided into 100 cents (sign: "c"). The ISO 4217 code is ZAR, from Dutch "Zuid-Afrikaanse Rand" (South African Rand). The Rand is legal tender in the Common Monetary Area between South Africa, Swaziland (Eswatini), Lesotho, and Namibia, although the last three countries
Optimum currency area rationale behind the creation of the euro is that the individual countries of Europe do not each form an optimal currency area, but that Europe as a whole does. The creation of the euro is often cited because it provides the most modern and largest-scale case study of an attempt to identify an optimum currency area, and provides a comparative before-and-after model by which to test the principles of the theory. In theory, an optimal currency area could also be smaller than a country. Some economists have argued that the United States, for example, has some regions that do not