# Currency

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Education

Published on September 24, 2009

Author: jmvrudny

Source: slideshare.net

The South African Rand Exchange Rate

Rand Denominations What is a Rand? The Rand is the South African form of currency. It is the only form of currency that is allowed in the country. If you have other forms of money, like the American dollar or the Euro, you must exchange it at a bank for the Rand. The Rand comes in a variety of coins and bills.

Value of the Rand One American Dollar is equal to approximately eight African Rands. \$1 = R8

Denominations Rand Values R.01 R.02 R.05 R.10 R.20 R.50 R1 R2 R5 \$.001 \$.002 \$.006 \$.01 \$.03 \$.06 \$.13 \$.25 \$.63 American Dollar Value

R10 = \$1.25

R20 = \$2.50

R50 = \$6.25

R100 = \$12.50

Rate of Exchange The exchange rate changes on a daily basis (even hourly), just like the stock market. If you are visiting South Africa for an extended period of time, the exchange rate becomes very important. You can save yourself quite a lot of money if you are aware of this rate. While we have been here, the rate has been as high as R8.75 per U.S. dollar (\$1 = R8.75) and as low as R7.33 (\$1 = 7.33) per U.S. dollar. If you exchange 100 U.S. dollars you could get as many as R875 and as few as R733! That is a difference of R142! You must keep your eye on the rates!

So, why is this exchange rate so important? When you look at the cost of food and clothing, the constant change in the exchange rate effects what can be purchased. As a United States citizen living in South Africa, it can mean the difference of hundreds, if not thousands, of dollars spent. The next couple of pages show the cost of a variety of items and their costs. Each page shows the cost in Rand and what it would have cost in U.S. dollars. How do these prices compare to what you are paying in Minnesota right now? Are we getting a good deal? Compare the prices.

Cost Conversions Conversion to U.S. DollarCost in Minnesota Cost in Rand Staple Foods Loaf of bread R5.85 US \$0.73 ? Gallon of Milk R30.30 US \$3.79 ? Dozen eggs R19.98 US \$2.50 ? Fruit and vegetables Carrots (1.5 pounds) R3.99 US \$0.50 ? 3 pound bag of Apples R7.99 US \$1.00 ? (Granny Smith) 3 pound bag of Oranges R6.39 US \$0.80 ?

Cost conversions Conversion to U.S. DollarCost in Minnesota Cost in Rand Sweets Can of pop R4.69 US \$0.59 ? Kit Kat Bar R5.95 US \$0.74 ? Plastic Bag to bring R.26 US \$0.03 ? groceries home Fast Food Hamburger Happy Meal R16.75 US \$2.09 ? (McDonalds) Restaurant Breakfast R39.50 US \$4.94 ? (French toast with syrup, bacon) Large Pizza (restaurant) R41.9 US \$5.24 ?

Other Items Conversion to U.S. DollarCost in Minnesota Cost in Rand T-Shirt R15.95 US \$1.99 ? Hooded sweatshirt R119.99 US \$15.00 ? Gallon of Gasoline R29.84 US \$3.73 ?

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