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SA Rand turns 60 today – here's what R1 could buy you in 1961, compared to now
 [Bus Insider SA] Since the rand was launched sixty years ago, inflation has been sapping its buying power at a rate of 8% a year.The rand was first introduced as a currency in South Africa on 14 February 1961, the year that the country became a republic and Queen Elizabeth ceased to be head of state. British-styled currency (pounds, shillings and pence) were replaced by rands and cents at an exchange rate of approximately two rand for every one pound. (It’s currently R20 a pound.) Posted by: Besoeker 2021-02-14 |
| http://www.rantburg.com/poparticle.php?ID=594435 |