Multiple Choice Questions on What is the currency of South Africa ........ for NABARD Assistant Manager Exam Preparation

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    What is the currency of South Africa?

    Rand

    Correct Answer

    Peso

    Incorrect Answer

    Baht

    Incorrect Answer

    Rupee

    Incorrect Answer

    Dinar

    Incorrect Answer
    Explanation:

    The currency of South Africa is the South African Rand (ZAR). It has been the official currency of South Africa since 1961, replacing the South African Pound. The Rand is symbolized by the R sign and is issued and regulated by the South African Reserve Bank. It is subdivided into 100 cents. The Rand is widely used for all transactions within South Africa and is also accepted in the neighboring countries of Lesotho, Swaziland, and Namibia. The currency's value fluctuates against major currencies due to various economic factors, including commodity prices and global economic conditions.


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