Financial Rand


Financial Rand

An accounting currency used in South Africa between 1985 and 1995. Under this system, the South African rand continued to circulate but investments made by non-South Africans could be sold only for the financial rand, which had strict conditions placed on its convertibility. The financial rand was introduced in order to prevent massive outflows of capital that began in response to South Africa's apartheid policy. It was abolished after apartheid was ended.