Ora (currency) Efficient Group, a South African financial services company, is currently tasked with developing the digital currency in order to reduce costs that are incurred by printing notes. Ora (currency) The Ora (symbol:Φ, ) is the local currency of Orania, an Afrikaner enclave in South Africa. It is pegged at par with the South African rand. The name, recalling that of the town where it circulates, derives from Latin "aurum", meaning "gold". The currency is not sanctioned by the South African Reserve Bank. The first notes were issued in April 2004 to provide an internal currency for Orania as part of
Currency basket of currencies (and assets held). In most cases, a central bank has a monopoly right to issue of coins and banknotes (fiat money) for its own area of circulation (a country or group of countries); it regulates the production of currency by banks (credit) through monetary policy. An exchange rate is the price at which two currencies can be exchanged against each other. This is used for trade between the two currency zones. Exchange rates can be classified as either floating or fixed. In the former, day-to-day movements in exchange rates are determined by the market; in the latter,