EFTA Document EFTA01379420

22 December 2017 EM Currency Handbook 201& Still Fuel in the Tank South Africa The rand was first introduced in 1961, coinciding with the establishment of the Republic of South Africa. It replaced the South African pound as the legal tender. Since 1995, after the abolition of the financial rand and capital controls for non-residents, the rand has been freely floating. The South African Reserve Bank (SARB) has, in the past, intervened in the market to accumulate foreign exchange reserve