Financial rand during 1984–1985 were largely the result of economic sanctions in response to apartheid. At the same time, the government enacted the exchange controls. Investments in South Africa by foreigners could only be sold for financial rand. The financial rand system provided for two exchange rates for the rand — one for current account transactions and one for capital account transactions for non-residents. Investments made in South Africa by non-residents could only be sold for financial rand, and limitations were placed on the convertibility of financial rand into foreign currencies. Financial rand had the ISO 4217 currency code ZAL. Financial rand
Currency war seen as an attractive solution to unemployment when other options, like increased public spending, are ruled out due to high public debt, or when a country has a balance of payments deficit which a devaluation would help correct. A reason for preferring devaluation common among emerging economies is that maintaining a relatively low exchange rate helps them build up foreign exchange reserves, which can protect against future financial crises. A state wishing to devalue, or at least check the appreciation of its currency, must work within the constraints of the prevailing International monetary system. During the 1930s, countries had relatively