GBP to ZAR Exchange Rate
Ah, South Africa: Where you’ll find the oldest remains of modern humans, fossils of early dinosaurs, and app that calculates a bride’s dowry in cows.
What influences the GBP/ZAR exchange rate?
The Foreign Exchange Operations Section of the Financial Markets Department at the South African Reserve Bank is in charge of executing the country’s foreign exchange policy. Its functions include monitoring the developments that occur in international and local markets, accumulating foreign exchange reserves, and managing the conducting money market swaps in the foreign exchange market for the purpose of domestic liquidity management.2
South Africa has an abundance of natural resources and mineral deposits, so the value of the ZAR is often influenced by developments within global commodities markets.3 The currency is also known for its volatility, resulting from political and economic uncertainties and interest rates. Since 2016, the GBP has also been experiencing volatility following Brexit, and Bloomberg shows the pair has seen major swings with the ZAR up 48% against the GBP from February 2016 to February 2017.
“South Africa has traditionally been the UK’s largest export and import market in Africa.” – Office for National Statistics5
As of August 2016, South Africa had regained the top spot as Africa’s biggest economy, based on GDP.6
In 2015, South Africa was ranked 32nd in GDP, while the United Kingdom ranked 5th.7 In 2014, South Africa was the 36th largest exporter and the 33rd largest importer in the world, while the United Kingdom was the 9th biggest exporter and 5th biggest importer.8,9
South Africa’s top exports include diamonds, gold, platinum, iron ore, and coal briquettes, while its top imports include crude petroleum, cars, refined petroleum, gold, and computers.8
Whether you’re planning on doing business in South Africa or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to South Africa, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalised service.
Currency Name: South African Rand
Currency Code: ZAR
Currency Symbol: R
Central Bank: South African Reserve Bank
Countries Used In: South Africa, Swaziland, Zimbabwe, Lesotho, and Namibia
Major Unit: One South African Rand
Minor Unit: One Cent
Note Denominations: R 10, R 20, R 50, R 100, R 200
Coin Denominations: 5c, 10c, 20c, 50c, R 1, R 2, R 5
ZAR to GBP exchange rate analysis. Check out our daily market analysis to learn the factors influencing the ZAR to GBP exchange rate today.