SGD 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 AUD/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 conducting money market swaps in forex for domestic liquidity management of the rand.2
Because of the countries’ floating exchange rate system, the AUD/ZAR exchange rate will be determined by supply and demand for these currencies within the foreign exchange market.4
South Africa has an abundance of natural resources and mineral deposits, so the exchange rate of the South African rand is influenced by developments within global commodities markets, as is the AUD.3 As commodity currencies, both the AUD and ZAR can be affected by slowing in major commodity consuming nations such as China and the U.S.
“South Africa is Australia's largest export market in Africa.” – Australian Government Department of Foreign Affairs & Trade5
Imports from South Africa total A$1,700 million, while exports to South Africa total A$1,590 million.6
As of August 2016, South Africa had regained the top spot as Africa’s biggest economy, based on GDP.7
In 2015, South Africa was ranked 32nd in GDP, while Australia ranked 12th.8 In 2014, South Africa was the 36th largest exporter and the 33rd largest importer in the world, while Australia was the 21st biggest exporter and 21st biggest importer.9,10
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.9
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. Sign up 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 AUD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the ZAR to AUD exchange rate today.