Coins of the South African rand Coins of the South African rand The coins of the South African rand are part of the physical form of South Africa's currency, the South African rand. In 1961, South Africa replaced the pound with a decimal currency: 100 cents (100c) = 1 rand (R1), 1 rand being valued at 10 shillings and 1 cent at 1.2 pence. The rand was introduced in the then Union of South Africa on 14 February 1961, shortly before the establishment of the Republic on 31 May 1961. The coins bore the forward-facing portrait of Jan van Riebeeck on the obverse. The initial circulation
Currency manipulator 2% of GDP spent buying foreign assets to depress the value of its currency.” This shows that from an international perspective (instead of a U.S. perspective), China has not been the major currency manipulator since 2009. Currency manipulator Currency manipulator is a popular term used to indicate countries that manipulate the rate of exchange for purposes of preventing effective balance of payments adjustment or gaining unfair competitive advantage in international trade or simply a country that intervenes in its foreign exchange market. Currency manipulation or currency intervention is a monetary policy operation which occurs when a government or central bank