South Africa Economic Information
Central Bank: South African Reserve Bank
Currency: South African rand (ZAR or R)
Rich in mineral resources, South Africa is the world's largest producer and exporter of gold and platinum. While enjoying the largest and most developed economy on the African continent, South Africa also deals with significantly outdated infrastructure and poverty issues. A popular commodity currency for speculators, the South African rand can be extremely volatile due to fluctuation in commodity prices, inflation and political issues.
Key industries:
Mining (world's largest producer of platinum, gold, chromium), automobile assembly, metalworking, machinery, textiles, iron and steel, chemicals, fertilizer, foodstuffs, commercial ship repair.
Agricultural products:
Corn, wheat, sugarcane, fruits, vegetables, beef, poultry, mutton, wool, dairy products.
Export commodities:
Gold, diamonds, platinum, other metals and minerals, machinery and equipment.
Import commodities:
Machinery and equipment, chemicals, petroleum products, scientific instruments, foodstuffs.
Historical foreign currency exchange rates
 Downward Trend |
 Upward Trend |
| Source: These exchange rates are interbank rates as published by Interactive Data as of 8/29/2010. These rates were not available to retail customers and were not the rates offered by EverBank. Past performance does not guarantee future results. |
A few factors to consider when evaluating the South African rand:
Reasons to consider
- As of September 1, 2009, the South African Rand is up 20.37% against the U.S. dollar year-to-date. This trend is often found whenever the flight from safety returns to riskier currencies.
- President Jacob Zuma has promised to cut the unemployment rate to 14% by 2014. The jobless rate currently stands at 23.6%.
Risk factors to consider
- In July 2009, Aglo Platinum Ltd., the world's biggest producer of metal cut more than 10,000 jobs, adding to the already growing unemployment figure.
- GDP fell and annualized 6.4% in the 1st Quarter, 2009. The decline, caused by the global recession and slashed manufacturing and mining exports, was the worst in 25 years.
- The prime lending rate remains high at 7.5%.
How EverBank can help with your South African rand needs?
WorldCurrency® CDs (Single-currency CDs): Earn interest rates at local rates in the currency of your choice.
WorldCurrency Basket CDs (Multi-currency CDs): Open a single CD comprised of multiple currencies, each designed to focus on a specific regional strength, and/or geopolitical and economic development. This currency is available in the following Basket CD(s):
WorldCurrency Access Deposit Account: Open a transactional money market account in the currency of your choice.
I'm interested in opening a WorldCurrency® account, what is my next step?
Please note: Not all investments are right for all investors. You should conduct your own research and/or consult with an investment advisor before making any investment.
- Before opening a WorldCurrency account, we recommend reading the following pages:
- If you are ready to open your WorldCurrency account, apply online or call 800.926.4922 for more information.
- For your protection, we require that you sign and mail your application along with a deposit.
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