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 board Currency board A currency board is a monetary authority which is required to maintain a fixed exchange rate with a foreign currency. This policy objective requires the conventional objectives of a central bank to be subordinated to the exchange rate target. The main qualities of an orthodox currency board are: The currency board in question will no longer issue fiat money but instead will only issue one unit of local currency for each unit (or decided amount) of foreign currency it has in its vault (often a hard currency such as the U.S. dollar or the euro). The surplus on