South African rand losses in the currency to look for higher-yield investments elsewhere and due to concerns over the impact of the economic slowdown in China, South Africa's largest export partner. By mid-January, economists were speculating that the Rand could expect to see further volatility for the rest of 2016. By 29 April, it reached its highest performance over the previous five months, exchanging at a rate of 14.16 to the United States dollar. Following the United Kingdom's vote to leave the European Union (EU), the Rand dropped in value over 8% against the United States dollar on 24 June 2016, the currency's
De facto currency De facto currency A de facto currency is a unit of money that is not legal tender in a country but is treated as such by most of the populace. The United States dollar and the European Union euro are the most common de facto currencies. Andorra used the euro unofficially prior to June 2013, at which point the euro became its official currency. The euro remains the de facto currency in Kosovo and Montenegro. Countries using the United States dollar as their de facto currency include Aruba and Cambodia, where most hotels, restaurants, and transportation are priced in dollars;