The pound rocketed on Wednesday, striking a new six-week high against the US dollar amidst renewed hopes for a UK-EU Brexit trade deal.
An introduction to the South African rand to pound Sterling exchange rate
Need to send money from South Africa to the United Kingdom? You can transfer your money using the ZAR/GBP exchange rate to convert your South African rand into pound Sterling.
Historical ZAR/GBP exchange rate movements
The ZAR/GBP exchange rate performed well in the aftermath of the global financial crash as the UK’s economy weakened, but problems with growth at home – not to mention controversial politics – saw this strength wane as the years progressed.
- Like many of the more volatile currencies, the Rand took a sharp knock at the height of the financial crisis, although it quickly rebounded.
- Over the last ten years, the ZAR/GBP exchange rate was at its highest on the 30th December 2010, when the pairing reached £0.0976.
- On the 11th January 2016 the ZAR/GBP exchange rate hit is lowest point of the last ten years, falling to £0.0407.
Key currency facts about the South African rand and pound Sterling
The South African rand is named after the place where Johannesburg was built, as it is home to much of the nation’s gold deposits. The rand gets the currency code ZAR from the Dutch name for it - Zuid-Afrikaanse Rand.
Pound banknotes come in denominations of £5, £10, £20 and £50. Sterling coins are available in denominations of 1 pence, 2 pence, 5 pence, 10 pence, 20 pence, 50 pence, £1 and £2.
What causes ZAR/GBP exchange rates to fluctuate?
The South African rand is heavily influenced by mineral prices (as the nation mines and exports a lot of valuable metals, such as gold and platinum) as well as the nation’s controversial political history.
Meanwhile, the pound is mostly affected by political news – especially since 2016’s Brexit referendum and the subsequent exit negotiations with the European Union.
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