South Africa

ZAR - South African Rand
Convertible: Yes - Transferable: Yes - Exchange rate regime: Floating
 South Africa

Types of transaction

FX Spot FX Forward
Delivery date: T; T+1; T+2 Maximum maturity: 24 months
Liquidity: Good Liquidity: Good

EUR/ZAR parity: liquidity schedules (GMT)

EUR/ZAR parity: liquidity schedules (GMT)

Did you know?

Monetary policy

  • The South African Reserve Bank (SARB) is the Central Bank of South Africa. Its objective is to maintain price stability.
  • Its annual Consumer Price Index is established in the range between 3% and 6%.
  • Price setting method: the floating exchange rate is described as "supervised". The SARB, therefore, reserves the right to intervene on the spot market to influence the value of the ZAR, mainly against the USD.

Features and highlights

  • The only freely convertible and transferable currency in the entire African continent, the Rand is also one of the most liquid emerging currencies in the world.
  • The high volatility of the ZAR can be partly explained by many uncertainties that weigh on the country, such as political instability, the strong correlation with the price of specific raw materials, as well as problems related to employment and energy.


There are no particular restrictions on the purchase and sale of ZAR.

Expert opinion

The ZAR tends to appreciate in the event of rising commodity prices, and gold in particular as South Africa is a major producer of the metal. In contrast, the ZAR tends to depreciate in times of market stress as it is considered a risky asset in comparison with other currencies.

Payments in ZAR to South Africa

The following information is required:

  • BIC Code of the beneficiary bank
  • Full name, address and account number of the beneficiary.
Public Holidays 2018 (subject to change)
New Year’s Day 1 January Youth Day 15 June
Human Rights Day 21 March National Women’s Day 9 August
Good Friday 30 March Heritage Day 24 September
Easter Monday (Family Day) 2 April Reconciliation Day 16 December
Freedom Day 27 April Christmas 25 December
Labour Day 1 May Goodwill Day 26 December